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TMI BlogIncome-TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... (B) for the proviso, the following proviso shall be substituted, namely :- "Provided that the amount of income-tax so arrived at, as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, shall, in the case of every person having a total income exceeding seventy-five thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax and the sum so arrived at shall be the income-tax in respect of the total income."; (iv) in sub-section (3), - (A) the figures, brackets and words ", 1961 (43 of 1961), (hereinafter referred to as the Income-tax Act)" shall be omitted; (B) for the proviso, the following proviso shall be substituted, namely :- "Provided that in respect of any income chargeable to tax under section 115B or section 115BB of the Income-tax Act, - (a) the income-tax computed under section 115B shall be increased by a surcharge calculated at the rate of fifteen per cent. of such income-tax; and (b) the income-tax computed under section 115BB shall be increased, - (i) in the case of a person other than a company, being a resident in India, by a surcharge for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dividual, Hindu undivided family or association of persons or body of individuals referred to in sections 88 and 88A having a total income exceeding seventy-five thousand rupees, be reduced by the amount of rebate of income-tax calculated under Chapter VIII-A, and the income-tax as so reduced; (ii) in the case of every person, other than those mentioned in item (i), having a total income exceeding seventy-five thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax : Provided that no such surcharge shall be payable by a non-resident. 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 previous year relevant to the assessment year commencing on the 1st day of April, 1991, exceeds Rs. 22,000, - Rates of income-tax (1) where the total income does not exceed Rs. 12,000 Nil; (2) where the total income exceeds Rs. 12,000 but does not exceed Rs. 20,000 25 per cent. of the amount by which the total income exceeds Rs. 12,000; (3) where the total income exceeds Rs. 20,000 but does not exceed Rs. 40,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt by which the total income exceeds Rs. 50,000; (4) where the total income exceeds Rs. 1,00,000 Rs. 8,100 plus 18 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-Paragraph shall, in the case of every person having a total income exceeding seventy-five thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax. 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. 15,000 Nil; (2) where the total income exceeds Rs. 15,000 but does not exceed Rs. 50,000 5 per cent. of the amount by which the total income exceeds Rs. 15,000; (3) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 1,750 plus 10 per cent. of the amount by which the total income exceeds Rs. 50,000; (4) where the total income exceeds Rs. 1,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of item I of this Paragraph shall, in the case of every person having a total income exceeding seventy-five thousand rupees, be increased by a surcharge calculated at the rate of fifteen per cent. of such income-tax.'; (ii) in Part II, for the heading "Surcharge on income-tax" and the entries thereunder, the following shall be substituted, namely :- "Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of - (a) sub-item (a) of item 1 of this Part shall be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax, and (b) sub-item (a) of item 2 of this Part shall be increased by a surcharge calculated at the rate of fifteen per cent. of such income-tax."; (iii) in Part III, in Sub-Paragraph II of Paragraph A, for the figures "1991", the figures "1992" shall be substituted; (iv) in Part IV, in rule 9, - (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, 1991, any agricultural income and the net result of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h 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, 1988, or the 1st day of April, 1989, or the 1st day of April, 1990, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1988, 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, 1989, or the 1st day of April, 1990, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1989, 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, 1990, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1990, 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, 1991. (2) Where the assessee has, in the previous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment year commencing on the 1st day of April, 1988, or the 1st day of April, 1989, or the 1st day of April, 1990, or the 1st day of April, 1991, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1988, 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, 1989, or the 1st day of April, 1990, or the 1st day of April, 1991, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1989, 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, 1990, or the 1st day of April, 1991, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1990, 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, 1991, and (viii) the loss so computed f ..... 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