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THE FIRST SCHEDULE (See section 2)

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..... total income exceeds ₹ 5,00,000; (4) where the total income exceeds ₹ 10,00,000 ₹ 1,12,500 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 5 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 Rs.10,000 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 ₹ 1,10,000 plus 30 per cent. of .....

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..... ( 1 ) where the total income does not exceed ₹ 10,000 10 per cent. of the total income; ( 2 ) where the total income exceeds ₹ 10,000 but does not exceed ₹ 20,000 Rs.1,000 plus 20 per cent. of the amount by which the total income exceeds ₹ 10,000; ( 3 ) where the total income exceeds ₹ 20,000 ₹ 3,000 plus 30 per 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 .....

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..... 30 per cent. of the total income. II. In the case of a company other than a domestic company,- ( i ) on so much of the total income as consists of,- ( a ) royalties received from 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, 1961 but before the 1st day of April, 1976; or ( 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 ) i .....

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..... ( v ) on income by way of interest payable on- 10 per cent.; ( A ) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; ( 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.; ( .....

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..... is in accordance with that policy 10 per cent.; ( J ) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; ( K ) on income by way of winnings from horse races 30 per cent.; ( L ) on the whole of the other income 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 section194LB 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 ( .....

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..... ( a ) where the company is a domestic company- ( i ) on income by way of interest other than Interest on securities 10 per cent.; ( ii ) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; ( iii ) on income by way of winnings from horse races 30 per 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 c .....

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..... n 111A 15 per cent.; ( viii ) on income by way of long-term capital gains referred to in sub-clause ( iii ) of clause ( c ) of sub-section ( 1 ) of section 112 10 per cent.; ( ix ) on income by way of long-term capital gains referred to in section 112A 10 per cent.; ( x ) on income by way of other long-term capital gains [not being long-term capital gains referred to in clauses ( 33 ) and ( 36 ) of section 10] 20 per cent.; ( xi ) 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 respective 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 incorpora .....

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..... f the Income-tax Act at the rates as specified in that Chapter or section or surcharge, wherever applicable, on such advance tax in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BA or section 115BB or section 115BBA or section 115BBC or section 115BBD or section 115BBDA or section 115BBE or section 115BBF or 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 to .....

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..... 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 or section 112A of the Income-tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, 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,- ( 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 l .....

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..... entioned 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 D In the case of every local authority,- 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 section 112 or section 112A 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 t .....

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..... . of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not 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 on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every 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) .....

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..... of coffee grown and manufactured by him in India, such income shall be computed in accordance with rule 7B of the Income-tax Rules, 1962, and sixty per cent. or seventy-five per cent., as the case may be, of such income shall be regarded as the agricultural income of the assessee. Rule 5 .-Where the assessee is a member of an association of persons 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 .....

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..... 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 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 fo .....

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..... t day of April, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018, (iii) 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 or the 1st day of April, 2018, (iv) 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 or the 1st day of April, 2018, (v) 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 relevant to the assessment year commencing on the 1st day of .....

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