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Income-tax

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, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds two lakh fifty thousand rupees, then,- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose 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 in .....

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lculated,- (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,- (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) at the rate of seven per cent. of such , 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 , 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 , where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such , where the total income exceeds .....

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se sections and shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of twelve per cent. of such tax. (5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D, 194LBA, 194LBB, 194LBC and 195 of the Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by a surcharge, for the purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein. (6) In cases in which tax has to be deducted under sections 192A, 194C, 194DA, 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 (vii) of clause (31) of section 2 of the Act, being a non-resident, calculated,- (i) at the rate .....

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rate 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 aggregate of such amounts collected and subject to the collection exceeds ten crore rupees. (9) Subject to the provisions of sub-section (10), in cases in which has to be charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the Act or deducted from, or paid on, income chargeable under the head Salaries under section 192 of the said Act or in which the advance tax payable under Chapter XVII-C of the said 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 Sched .....

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te of five per cent. of such advance tax , where the total income exceeds ten 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,- (a) fifty lakh rupees but does not exceed 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 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 chargeable to tax under section 115JC of the Act, and such income exceeds 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 .....

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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 rupees, and the amount of or advance tax shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income were the total income; (iii) the amount of or advance tax determined in accordance with sub-clause (i) shall be reduced by the amount of or, as the case may be, advance tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the or, as the case may be, advance tax in respect 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 .....

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x at source is paid to a domestic company and any other person who is resident in India. (14) For the purposes of this section and the First Schedule,- (a) domestic company means an Indian company or any 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 continuance, renewal or revival of policies of insurance); (c) net agricultural income in relation to a person, means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in Part IV of the First Schedule; (d) all other words and expressions used in this section and the First Schedule but not defined in this sub-section and defined in the Act shall have the meanings, respectively, assigned to them in that Act. Clause 2, .....

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e society or firm or local authority at the rate of twelve per cent. where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees; (iii) every company other than a domestic company at the rate of two per cent. where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees but does not exceed ten crore rupees; (iv) every company other than a domestic company at the rate of five per cent. where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds 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 rates of as under:- (i) in the case of every individual [other than those specifically mentioned .....

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cal 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 income. In the case of companies other than domestic companies, the rate of tax will continue to be the same as that specified for assessment year 2018-2019. Surcharge in the case of domestic companies having total income above one crore rupees but not above ten crore rupees shall be levied at the rate of seven per cent. In the case of domestic companies having total income above ten crore rupees, surcharge shall be levied at the rate of twelve per cent. In the case of companies other than domestic companies having income above one crore rupees but not above ten crore rupees surcharge shall be levied at the rate of two per cent. In the case of companies other than domestic companies having .....

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