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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... s. 30,000 but does not exceed Rs. 40,000 Rs. 3,750 plus 35 per cent. of the amount by which the total income exceeds Rs. 30,000; (6) where the total income exceeds Rs. 40,000 but does not exceed Rs. 50,000 Rs. 7,250 plus 40 per cent. of the amount by which the total income exceeds Rs 40,000; (7) where the total income exceeds Rs. 50,000 but does not exceed Rs. 70,000 Rs. 11,250 plus 45 per cent. of the amount by which the total Income exceeds Rs. 50,000; (8) where the total income exceeds Rs. 70,000 but does not exceed Rs. 1,00,000 Rs 20,250 plus 50 per cent. of the amount by which the total income exceeds Rs 70,000; (9) where the total income exceeds Rs. 1,00,000 Rs. 35,250 plus 55 per cent. of the amount by which the total income exceeds Rs. 1,00,000 Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub Part graph shall be increased by a surcharge for purposes of the Union calculated date at the rate of twelve and a half per cent. of such income tax Sub-Paragraph II In the case of every Hindu undivided family which at any time during the previous year has at least one member whose total income of the previou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated at the rate of twelve and a half per cent. of such income-tax. Paragraph C Sub-Paragraph I In the case of every registered firm, not being a case to which Sub-Paragraph II of this Paragraph applies,-- Rates of income-tax (1) where the total income does not exceed Rs. 10,000 Nil; (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 25,000 5 per cent. of the amount by which the total income exceeds Rs. 10,000; (3) where the total income. exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 750 plus 7 per cent. of the amount by which the total income exceeds Rs. 25,000; (4) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 2,500 plus 15 per cent. of the amount by which the total income exceeds Rs. 50,000; (5) where the total income exceeds Rs. 1,00,000 Rs. 10,000 plus.24 per cent. of the amount by which the total income exceeds Re. 1,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of twelve and a half per cent. of such income-tax. Sub-Paragraph II In t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 70 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge calculated, at the rate of five per cent. of such income-tax. PART II Rates for deduction of tax at source in certain cases In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to deduction at the following rates;-- Income-tax Rate of income-tax Rate of surcharge 1. In the case of a. person other than a company-- (a) where the per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idends payable by any domestic company 25 per cent. Nil; (ii) 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 25 per cent. Nil; (iii) 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 the 31st day of March, 1976, 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 proviso to sub-section (iA) of section 115A of the Income-tax Act, to the Indian concern 40 per cent Nil; (iv) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(iii)] payable .by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and which has been approved by the Central Government (A) where the agreement is made after the 31st day of March, 1961 but before the 1st day of April, 1976 50per cent. 2.5 per cent.; (B) where the agreement is made after the 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or section 164 or section 164A or section 167A of the Income-tax Act at the rates as specified in that Chapter or section], shall be so calculated, charged, deducted or computed at the following rate or rates: -- Paragraph A Sub-Paragraph I In the case of every individual or Hindu undivided family or 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 Sub-Paragraph II of this Paragraph or any other Paragraph of this Part applies,-- Rates of income-tax (1) where the total income does not exceed Rs. 18,000 Nil; (2) where the total income exceeds. Rs. 18,000 but does not exceed Rs. 25,000 25 per cent. of the amount by which the total income exceeds Rs. 18,000; (3) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 1,750 plus 30 per cent. of the amount by which the total income exceeds Rs. 25,000; (4) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 9,250 plus 40 per cent. of the amount by which the total income exceeds Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us 15 per cent. of the amount by which of; the total income exceeds Rs. 50,000; (5) where the total income exceeds Rs. 1,00,000 Rs. 10,000 plus 24 per cent. of the amount by which the total income exceeds Rs. 1,00,000. Sub-Paragraph II In the case of every registered firm whose total income includes income derived from a profession carried on by it and the income so included is not less than fifty-one per cent. of such total income,-- Rates of income-tax (1) where the total income does not exceed Rs. 10,000 Nil; (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 25,000 4 per cent. of the amount by which the total income exceeds Rs. 10,000; (3) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 600 plus 7 per cent. of the amount by which the total income exceeds Rs. 25,000; (4) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 2,350 plus 13 per cent. of the amount by which the total income exceeds Rs. 50,000; (5) where the total income exceeds Rs. 1,00,000 Rs. 8,850 plus 22 per cent. of the amount by which the total income exceeds Rs. 1,00,000. Explanation--For the purposes of this Paragraph, & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure referred to in sub clause (b) or sub-clause (c) of clause (1) 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, or 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, 34, 36, 37, 38, 40, 40A [other than subsections (3) and (4) thereof], 41, 43 and 43A of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3.--Agricultural income of the nature referred to in sub-clause (c) of clause (2) of section 2 of the Income-tax Act, being income derived from any building required as a dwelling house by the receiver of the rent or revenue or 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 "Income from house property" and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome or loss of the assessee. Rule 7.--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 partner of an unregistered firm which has not been assessed as a registered firm under clause (b) of section 183 of the Income-tax Act or 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 firm, 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 8.--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 9.-- (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1985, any agricultural income and the net result of the computation, of the agricultural income of the assessee for any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant to the assessment year commencing on the 1st day of April, 1982 or the 1st day of April, 1983 or the 1st day of April, 1984, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1982, 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, 1983 or the 1st day of April, 1984, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1983, 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, 1984, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1984, 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, 1985. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1986 or, if by v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il, 1984 or the 1st day of April, 1985, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1982, 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, 1983 or the 1st day of April, 1984 or the 1st day of April, 1985. (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1983, 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, 1984 or the 1st day of April, 1985. (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1984, 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, 1985, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1985. shall be set off agai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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