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Clause 2 - Bills - RATES OF - FINANCE BILL, 2018 - Clause 2 - CHAPTER II RATES OF 2. . (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2018, shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, wh .....

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urpose of charging in respect of the total income; and (b) the chargeable shall be calculated as follows:- (i) the total income and the net agricultural income shall be aggregated and the amount of shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of shall be determined in respect of .....

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less than eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words two lakh fifty thousand rupees , the words three lakh rupees had been substituted: Provided further that in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part .....

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be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be: Provided that the amount of computed in accordance with the provisions of section 111A or section 112 of the Act shall be increased by a surcharge, for the purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule: Provided further that in respect o .....

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sub-clause (vii) of clause (31) of section 2 of the Act,- (i) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such ; and (ii) having a total income exceeding one crore rupees, at the rate of fifteen per cent. of such ; (b) in the case of every co-operative society or firm or local authority, at the rate of twelve per cent. of such , where the total income exceeds one crore rupees; (c) in the case of every domestic company,- (i .....

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crore rupees: Provided also that in the case of persons mentioned in (a) above, having total income chargeable to tax under section 115JC of the Act, and such income exceeds,- (i) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as and surcharge thereon shall not exceed the total amount payable as on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees, the total amount payable as and surcharge .....

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more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as on such income and surcharge thereon, shall not exceed the total amount payable as on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the c .....

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of computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of twenty-five per cent. of such . (4) In cases in which tax has to be charged and paid under section 115-O or section 115QA or sub-section (2) of section 115R or section 115TA or section 115TD of the Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for the purposes of the Union, calculated at the rate .....

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, 194E, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194-IB, 194-IC, 194J, 194LA, 194LB, 194LBA, 194LBB, 194LBC, 194LC, 194LD, 196B, 196C and 196D of the Act, the deductions shall be made at the rates specified in those sections and 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 ( .....

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y co-operative society or firm, being a non-resident, calculated at the rate of twelve 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 one crore rupees; (c) in the case of every company, other than a domestic company, calculated,- (i) at the rate of two 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 one crore rupees but d .....

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, in the manner provided therein. (8) In cases in which tax has to be collected under section 206C of the Act, the collection shall be made at the rates specified in that section and 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 Act, .....

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e of twelve per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees; (c) in the case of every company, other than a domestic company, calculated,- (i) at the rate of two per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the amount or the .....

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Act has to be computed at the rate or rates in force, such or, as the case may be, advance tax shall be charged, deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in such cases and in such manner as provided therein: Provided that in cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub- .....

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, D or E, as the case may be, of Part III of the First Schedule: Provided also that in respect of any income chargeable to tax under section 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BA, 115BB, 115BBA, 115BBC, 115BBD, 115BBDA, 115BBF, 115BBG, 115E, 115JB or 115JC of the Act, advance tax computed under the first proviso shall be increased by a surcharge, for the purposes of the Union, calculated,- (a) in the case of every individual or Hindu undivided family or association of persons or body of .....

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er cent. of such advance tax , where the total income exceeds one crore rupees; (c) in the case of every domestic company,- (i) at the rate of seven per cent. of such advance tax , where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such advance tax , where the total income exceeds ten crore rupees; (d) in the case of every company, other than a domestic company,- (i) at the rate of two per cent. of such advance tax , wher .....

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eed the total amount payable as advance 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 advance tax on such income and surcharge thereon shall not exceed the total amount payable as advance tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of persons mentioned in (b) above, having total income charge .....

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d ten crore rupees, the total amount payable as advance tax on such income and surcharge thereon, shall not exceed the total amount payable as advance tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Act, and such income exceeds ten crore rupees, the total amount payable as advance tax on such income and surcharge thereon, shal .....

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which Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year or, if by virtue of any provision of the Act, is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income exceeding five thousand rupees, in addition to total income and the total income exceeds two lakh fifty thousand rupees, then, in charging under sub-section (2) of section 174 or section 174A or section 175 or sub- .....

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case may be, advance tax in respect of the total income; and (b) such or, as the case may be, advance tax shall be so charged or computed as follows:- (i) the total income and the net agricultural income shall be aggregated and the amount of or advance tax shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand r .....

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pect of the total income: Provided that 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, referred to in item (II) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words two lakh fifty thousand rupees , the words three lakh rupees had been substituted: Provided further that in the case of every individual, being a .....

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vided therein. (11) The amount of as specified in sub-sections (1) to (3) and as increased by the applicable surcharge, for the purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for the purposes of the Union, to be called the Education Cess on , calculated at the rate of two per cent. of such and surcharge so as to fulfil the commitment of the Government to provide and finance universalised quality basic education. (12) The a .....

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ecified in sub-sections (4) to (10) and as increased by the applicable surcharge, for the purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for the purposes of the Union, to be called the Health and Education Cess on , calculated at the rate of four per cent. of such and surcharge so as to fulfil the commitment of the Government to provide and finance quality health services and universalised quality basic education and secon .....

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other company which, in respect of its income liable to under the Act, for the assessment year commencing on the 1st day of April, 2018, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income; (b) insurance commission means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continua .....

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with the First Schedule to the Bill, specifies the rates at which is to be levied on income chargeable to tax for the assessment year 2018-2019. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2018-2019 from income other than Salaries subject to such deductions under the Act; and the rates at which advance tax is to be paid, tax is to be deducted at source from, or paid on, income chargeable under the head Salaries and tax is to be calculated a .....

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tes for deduction of tax at source during the financial year 2018-2019 from income other than Salaries Part II of the First Schedule to the Bill specifies the rates at which is to be deducted at source during the financial year 2018-2019 from income other than Salaries . The rates are the same, as those specified in Part II of the First Schedule to the Finance Act, 2017 for the purposes of deduction of income tax at source during the financial year 2017-2018 except that in the case of long-term .....

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per cent. of such tax, where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds fifty lakh rupees but does not exceed one crore rupees; (b) at the rate of fifteen per cent. of such tax, where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees; (ii) every non-resident being a co-operative society or firm or local authority at the rate of twelve per cent. where the income or the aggregate o .....

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eeds ten crore rupees. Rates for deduction of tax at source from Salaries , computation of advance tax and charging of in special cases during the financial year 2018-2019 Part III of the First Schedule to the Bill specifies the rates at which is to be deducted at source from, or paid on, income under the head Salaries and also the rates at which advance tax is to be paid and is to be calculated or charged in special cases for the financial year 2018-2019. Paragraph A of this Part specifies the .....

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,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent.; (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 the age of eighty years at any time during the previous year:- Up to ₹ 3,00,000 Nil ₹ 3,00,001 to ₹ 5,00,000 5 per cent. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent.; (iii) In the case of every individual, being a resident in India, who is .....

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the rate of fifteen per cent. Marginal relief will be provided. Paragraph B of this Part specifies the rates of in the case of every co-operative society. In such cases, the rates of tax will continue to be the same as those specified for assessment year 2018-2019. The surcharge in cases of co-operative societies, having income above one crore rupees shall be levied at the rate of twelve per cent. Marginal relief will be provided. Paragraph C of this Part specifies the rate of in the case of eve .....

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authorities, having income above one crore rupees shall be levied at the rate of twelve per cent. Marginal relief will be provided. Paragraph E of this Part specifies the rates of in the case of companies. In the case of domestic companies the rate of shall be twenty-five-per cent. of the total income where the total turnover or gross receipts of previous year 2016-2017 does not exceed two hundred and fifty crore rupees and in all other cases the rate of shall be thirty per cent. of the total in .....

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