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Income-tax

..... 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:- (a) in section 2,- (i) in sub-section (1), for the figures 2018 , the figures 2019 shall be substituted; (ii) in sub-section (3), for the first proviso, the following proviso shall be substituted, namely:- Provided that the amount of computed in accordance with the provisions of section 111A or section 112 or section 112A 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: ; (iii) for sub-section (11) and sub-section (12), the following sub-section shall be substituted, namely:- (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 Health an .....

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..... the age of eighty years or more at any time during the previous year,- Rates of (1) where the total income does not exceed ₹ 5,00,000 Nil; (2) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; (3) where the total income exceeds Rs.10,00,000 Rs.1,00,000 plus 30 per cent. of the amount by which the total income exceeds ₹ 10,00,000. 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 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 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 t .....

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..... all 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. 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 of twelve per cent. of such : Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as and surcharge on such income 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. Paragraph E In the case of a company,- Rates of I. In the case of a domestic company,- (i) where its total turnover or the gross receipt in the previous year 2016-2017 does not exceed two hundred and fifty crore rupees 25 per cent. of the total in .....

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..... s year 2016-2017 , the words and figures previous year 2017-2018 shall be substituted; (iii) in Part IV, in Rule 8,- (A) for sub-rules (1) and (2), the following sub-rules shall be substituted, namely:- (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2019, 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, 2011 or 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, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act,- (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, 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, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 .....

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..... i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2018, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2019. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2020, 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 1st day of April, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019, is a loss, then, for the purposes of sub-section (10) of section 2 of this Act,- (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the ext .....

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..... ar 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 year commencing on the 1st day of April, 2019, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2020. ; (B) for sub-rule (4), the following sub-rule shall be substituted, namely:- (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the assessing officer under the provisions of these rules or the rules contained in the First Schedule to the Finance Act, 2011 (8 of 2011) or the First Schedule to the Finance Act, 2012 (23 of 2012) or the First Schedule to the Finance Act, 2013 (17 of 2013) or the First Schedule to the Finance (No. 2) Act, 2014 (25 of 2014) or the First Schedule to the Finance Act, 2015 (20 of 2015) or the First Schedule to the Finance Act, 2016 (28 of 2016) or the First Schedule to the Finance Act, 2017 (7 of 2017) or the Fi .....

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