TMI BlogTHE FIRST SCHEDULE (See section 2)X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (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 ₹ 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 the amount by which the total income exceeds ₹ 10,00,000. (III) In the case of every individual, being a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exceed ₹ 20,000 ₹ 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 or section 112A 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 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 C In the case of every firm,- Rate of income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 or section 112A of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,- (i) in the case of every domestic company, (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.; (C) on income by way of long-term capital gains referred to in section 112A 10 per cent.; (D) on other income by way of long-term capital gains [not being long ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 section 194LB 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 (1A) of section 115A of the Income-tax Act, to the Indian concern, in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 cent.; (iv) 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 after t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ix) on income by way of long-term capital gains referred to in section 112A exceeding one lakh rupees 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 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, being a non-resident, calculated, I. at the rate of ten per cent. of such tax, whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; and (b) at the rate of five per cent. of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees. PART III RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE HEAD SALARIES AND COMPUTING ADVANCE TAX In cases in which income-tax has to be charged under sub-section (4) of section 172 of the Income-tax Act or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or deducted from, or paid on, from 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 income-tax or, as the case may be, advance tax [not being advance tax in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or income chargeable to tax under section 115JB or section 115J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 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 the amount by which the total income exceeds ₹ 10,00,000. (III) 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,- Rates of income-tax (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 ₹ 10,00,000 ₹ 1,00,000 plus 30 per cent. of the amount by which the total income exceeds ₹ 10,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble 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 one crore rupees by more than the amount of income that exceeds one crore rupees; (c) two crore rupees but does not exceed five 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 two crore rupees by more than the amount of income that exceeds two crore rupees; (d) five 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 five crore rupees by more than the amount of income that exceeds five crore rupees. Paragraph B In the case of every co-operative society,- Rates of income-tax (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 ₹ 1,000 plus 20 per cent. of the amount by which the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,- Rates of income-tax I. In the case of a domestic company,- (i) where its total turnover or the gross receipt in the previous year 2017-2018 does not exceed four hundred crore rupees; 25 per cent. of the total income; (ii) other than that referred to in item (i) 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 the Government or an Indian concern in pursuance of an agreement made by it w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3), (3A) and (4) of section 40A. Rule 2.- Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1A) of section 2 of the Income-tax Act [other than income derived from any building required as a dwelling-house by the receiver of the rent or revenue of the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head Profits and gains of business or profession and the provisions of sections 30, 31, 32, 36, 37, 38, 40, 40A [other than sub-sections (3), (3A) and (4) thereof], 41, 43, 43A, 43B and 43C of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3.- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee 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 of the assessee, if any, for that previous year from any other source of agricultural income: Provided that where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the association or body, as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income. Rule 7.- Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 8.-( 1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1 st 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 relevant to the assessment year commencing on the 1st day of April, 2016, 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, 2017 or the 1st day of April, 2018, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2017, 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, 2018, (viii) 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 Income- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2019, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2016, 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, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2017, 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, 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 year commencing on the 1st day of April, 2019, shall be set off against the agricultural income of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
