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Clause 2 - Bills - RATES OF - FINANCE BILL, 2019 - Clause 2 - CHAPTER II RATES OF . 2. The provisions of section 2 of, and the First Schedule to, the Finance Act, 2018 (13 of 2018. ), shall apply in relation to for the assessment year or, as the case may be, the financial year commencing on the 1st day of April, 2019, as they apply in relation to for the assessment year, or as the case may be, the financial year commencing on the 1st day of April, 2018, with the following modifications, namely:- .....

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commitment of the Government to provide and finance quality health services and universalised quality basic education and secondary and higher education. ; (iv) sub-section (13) and sub-section (14) shall be renumbered as sub-section (12) and sub-section (13), respectively; (v) in sub-section (13) as so renumbered, in clause (a), for the figures 2018 , the figures 2019 shall be substituted; (b) in the First Schedule,- (i) for Part I, the following Part I shall be substituted, namely:- PART I Pa .....

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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 (1) where the total income does not exceed Rs.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 .....

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culated, 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,- (a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such ; and (b) having a total income exceeding one crore rupees, at the rate of fifteen per cent. of such : Provided that .....

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mount by which the total income exceeds ₹ 20,000. Surcharge on The amount of computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the 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 : Provided that in the case of every co-operative society m .....

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of income that exceeds one crore rupees. Paragraph D In the case of every local authority,- Rate of On the whole of the total income 30 per cent. Surcharge on The amount of computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the 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 o .....

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l, 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 The amount of computed in accordance with the preceding provisions .....

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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 and surcharge on such income shall not exceed the total amount payable as and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. ; (ii) in Part III, in Paragraph E, in sub-paragraph I, in clause (i), for the words and figures previous ye .....

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set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or 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 or the 1st day of April, 2018, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against .....

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r 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 April, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018, (vi) the loss so computed for the previous year .....

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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 agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 2012 or 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 .....

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pril, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019, (iii) 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 or t .....

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previous year relevant to the assessment year commencing on the 1st day of April, 2018 or the 1st day of April, 2019, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2018, 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, 2019, (viii) the loss so computed for the previous year relevant to the assessment .....

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