TMI BlogTHE FIRST SCHEDULE (See section 2)X X X X Extracts X X X X X X X X Extracts X X X X ..... me exceeds ₹ 5,00,000; ( 4 ) where the total income exceeds ₹ 10,00,000 ₹ 1,25,000 plus 30 per cent. of the amount by which the total income exceeds ₹ 10,00,000. ( II ) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,- Rates of income-tax ( 1 ) where the total income does not exceed ₹ 3,00,000 Nil; (2) where the total income exceeds ₹ 3,00,000 but does not exceed ₹ 5,00,000 10 per cent. of the amount by which the total income exceeds ₹ 3,00,000; (3) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 20,000 plus 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; (4) where the total income exceeds ₹ 10,00,000 ₹ 1,20,000 plus 30 per cent. of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er cent. of the amount by which the total income exceeds ₹ 20,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph C In the case of every firm,- Rate of income-tax On the whole of the total income 30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( b ) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government 50 per cent.; (ii) on the balance, if any, of the total income 40 per cent.. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,- ( i ) in the case of every domestic company, ( a ) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. Of such income-tax; and ( b ) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax; ( ii ) in the case of every company other than a domestic company, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( B ) any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; ( C ) any security of the Central or State Government; ( vi ) on any other income 10 per cent.; ( b ) where the person is not resident in India- ( i ) in the case of a non-resident Indian- ( A ) on any investment income 20 per cent.; ( B ) on income by way of long-term capital gains referred to in section 115E or sub-clause ( iii ) of clause ( c ) of sub-section ( 1 ) of section 112 10 per cent.; ( C ) on income by way of short-term capital gains referred to in section 111A 15 per cent.; ( D ) on other income by way of long-term capital gains [not being long-term capital gains referred to in clauses ( 33 ), ( 36 ) and ( 38 ) of se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30 per cent.; ( ii ) in the case of any other person- ( A ) on income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) 20 per cent.; ( B ) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section ( 1A ) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section ( 1A ) of section 115A of the Income-tax Act, to a person resident in India 10 per cent.; ( C ) on income by way of royalty [not being royalty of the nature referred to in sub-item ( b )( ii )( B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er cent.; ( iv ) on any other income 10 per cent.; ( b ) where the company is not a domestic company- ( i ) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; ( ii ) on income by way of winnings from horse races 30 per cent.; ( iii ) on income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) 20 per cent.; ( iv ) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1976 where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not being long-term capital gains referred to in clauses ( 33 ), ( 36 ) and ( 38 ) of section 10] 20 per cent.; ( x ) on any other income 40 per cent.. Explanation . - For the purposes of item 1( b )( i ) of this Part, investment income and non-resident Indian shall have the meanings assigned to them in Chapter XII-A of the Income-tax Act. Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of ( i ) item 1 of this Part, shall be increased by a surcharge, for the purposes of the Union, ( a ) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause ( vii ) of clause ( 31 ) of section 2 of the Income-tax Act, being a non-resident, calculated, I. at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; II. at the rate of fifteen per cen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 115BBG or section 115E or section 115JB or section 115JC] shall be charged, deducted or computed at the following rate or rates:- Paragraph A ( I ) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause ( vii ) of clause ( 31 ) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,- Rates of income-tax ( 1 ) where the total income does not exceed ₹ 2,50,000 Nil; ( 2 ) where the total income exceeds ₹ 2,50,000 but does not exceed ₹ 5,00,000 5 per cent. of the amount by which the total income exceeds ₹ 2,50,000; ( 3 ) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 12,500 plus 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or not, or every artificial juridical person referred to in sub-clause ( vii ) of clause ( 31 ) of section 2 of the Income-tax Act,- ( a ) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; and ( b ) having a total income exceeding one crore rupees, at the rate of fifteen per cent. of such income-tax: Provided that in the case of persons mentioned above having total income exceeding,- ( a ) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; ( b ) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph B In the case of every co-operative society,- Rates of income-tax ( 1 ) where the total income doe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent.of such income-tax: Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,- Rates of income-tax I. In the case of a domestic company,- ( i ) where its total turnover or the gross receipt in the previous year 2015-16 does not exceed fifty crore rupees; 25 per cent. of the total income; ( ii ) other than that referred to in ite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. PART IV [See section 2 ( 13 )( c ) ] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.- Agricultural income of the nature referred to in sub-clause ( a ) of clause ( 1A ) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head Income from other sources and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section ( 2 ) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections ( 3 ), ( 3A ) and ( 4 ) of section 40A. Rule 2.- Agricultural income of the nature referred to in sub-clause ( b ) or sub-clause ( c ) of clause ( 1A ) of section 2 of the Income-tax Act [other than income derived from any building re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income then, the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 6.- Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income: Provided that where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the association or body, as the case may be, is a loss, such loss shall not be set off against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, ( v ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, ( vi ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2015 or the 1st day of April, 2016, ( vii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, to the extent, if any, such loss has not been set off against the agricul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017, ( iv ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017, ( v ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017, ( vi ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, to the extent, if any, such loss has not been set off against the agricultural income for the previous year rele ..... 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