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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... t 2,500 " 2,500 " 2,500 " 23% (ii) In the case of every individual who is not married and every individual or Hindu undivided family whose total income in either case exceeds Rs. 20,000 and in the case of every unregistered firm or other 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:- Rs. (1) On the first . . . . . 1,000 of total income Nil (2) On the next . . . . . 4,000 " 3% (3) On the next . . . . . 2,500 " 7% (4) On the next . . . . . 2,500 " 10% (5) On the next . . . . . 2,500 " 12% (6) On the next . . . . . 2,500 " 15% (7) On the next . . . . . 2,500 " 20% (8) On the next . . . . . 2,500 " 23% (9) On the balance of total income . . . . . 25% Provided that for the purposes of this Paragraph- (i) no income-tax shall be payable on a total income which does not exceed the limit specified below; (ii) the income-tax payable shall in no case exceed half the amount by which the total income exceeds the said limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) Rs. 6,000 in the case of every Hindu undivided family which as at the end of the previous year satisfies either of the following conditions, namely:- (a) that it has at least two members entitled to claim partition who are not less than eighteen years of age; or (b) that it has at least two members entitled to claim partition who are not lineally descended one from the other and who are not lineally descended from any other living member of the family; (ii) Rs. 3,000 in every other case; (c) an additional surcharge for purposes of the Union calculated on the amount of the residual income at the following rates, namely:- (i) On the first Rs. 6,000 of the residual income . . . . 4% (ii) On the next Rs. 9,000 of the residual income . . . 6% (iii) On the next Rs. 12,000 of the residual income . . . . 8% (iv) On the next Rs. 15,000 of the residual income . . . . 9% (v) On the balance of the residual income . . . 10% Provided that- (i) no additional surcharge shall be levied where the residual income does not exceed the limit specified below; 1[(ii) the additional surcharge shall in no case exceed one-half of the amount by which the residual income exceeds the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Rates of income-tax Where the firm has four or less partners Where the firm has five or more partners as on the last day of the previous year (1) On the first Rs. 25,000 of total income Nil Nil (2) On the next Rs. 15,000 of total income 5% 7% (3) On the next Rs. 20,000 of total income 6% 8% (4) On the next Rs. 40,000 of total income 7% 9% (5) On the next Rs. 50,000 of total income 8% 10% (6) On the balance of total income 10% 12% Surcharge on income-tax The amount of income-tax computed at the rates hereinbefore specified shall be increased by a surcharge for purposes of the Union equal to the sum of- (i) twenty per cent, of the amount of income-tax payable by the firm on its income from any business carried on by it calculated at the rate of income-tax applicable to it's total income; and (ii) ten per cent, of the amount of income-tax payable by it on its income from all sources other than from any business carried on by it calculated at the rate of income-tax applicable to its total income. Part II Super-tax and surcharges on super-tax Paragraph A In the case of every individual, Hindu undivided family, unregistered firm or ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act,- Rates of super-tax (1) On the first Rs. 25,000 of total income .. Nil (2) On the balance of total income .. 16% Surcharge on super-tax The amount of super-tax computed at the rates hereinbefore specified shall be increased by a surcharge for purposes of the Union of 121/2 per cent, of the amount of super-tax. Paragraph D In the case of every company, other than the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956(31 of 1956),- Rates of Super-tax On the whole of the total income .. 55%: Provided that- (i) a rebate at the rate of 50 per cent, on so much of the total income as consists of dividends from any Indian company; and at the rate of 35 per cent, on the balance of the total income shall be allowed in the case of any company which- (a) in respect of its profits liable to tax under the Income-tax Act for the assessment year commencing on the 1st day of April, 1963, has made the prescribed arrangements for the declaration and payment within India of the dividends payable out of such profits in accordance with the provisions of section 194 of that Act; and (b) is such a company as is ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hareholders during the previous year with a view to increasing the paid-up capital. at the rate of 121/2% (ii) where the sum arrived at in accordance with clause (i) of this proviso exceeds the amount of the rebate arrived at in accordance with clause (i) or clause (ii), as the case may be, of the preceding proviso, only so much of the amounts of reduction mentioned in sub-clauses (a) and (b) of clause (i) of this proviso as is sufficient, in that order, to reduce the rebate, to nil shall be deemed to have been taken into account for the purpose: Provided further that the super-tax payable by a company, the total income of which exceeds rupees twenty-five thousand, shall not exceed the aggregate of- (a) the super-tax which would have been payable by the company if its total income had been rupees twenty-five thousand; and (b) half the amount by which its total income exceeds rupees twenty-five thousand. Explanation I. - For the purposes of this Paragraph, where any portion of the profits and gains of a company is not included in its total income by reason of such portion being agricultural income, the amount representing the face value of any bonus shares and the amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest payable on any security of the Central Government issued or declared to be income-tax free and interest payable on any security of a State Government issued income-tax free, the income-tax whereon is payable by the State Government); and . . . . . . . . . 25% (ii) on the whole income (excluding dividends payable by an Indian company referred to in clause (iv) of sub-section (1) of section 99 of the Income-tax Act); and 5% (b) in addition, where the company is neither an Indian company nor a company which has made the prescribed arrangements for the declaration and payment of dividends within India,-- (i) on the income from dividends (excluding dividends payable by an Indian company referred to in clause (iv) of sub-section (1) of section 99 of the Income-tax Act)- (1) on dividends payable by any of its subsidiary Indian companies formed and registered before the 1st day of April, 1961 . . . . . . . . . Nil (2) on dividends payable by an Indian company, not being a subsidiary company, formed and registered before the 1st day of April, 1959 . . . . . . . . . 20% (3) on dividends payable by any o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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