Section Text
INCOME-TAX
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 | Nil; |
| exceed Rs. 22,000 | ||
| (2) | where the total income exceeds | 20 per cent. of the amount |
| Rs. 22,000 but does not exceed | by which the total income | |
| Rs. 30,000 | exceeds Rs. 22,000; | |
| (3) | where the total income exceeds | Rs. 1,600 plus 30 per cent. |
| Rs. 30,000 but does not exceed | of the amount by which the | |
| Rs. 50,000 | total income exceeds Rs. 30,000; | |
| (4) | where the total income exceeds | Rs. 7,600 plus 40 per cent. |
| Rs. 50,000 but does not exceed | of the amount by which the | |
| Rs. 1,00,000 | total income exceeds Rs. 50,000; | |
| (5) | where the total income exceeds | Rs. 27,600 plus 50 per cent. |
| Rs. 1,00,000 | 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, -
(i) In the case of every individual, 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 | Nil; |
| exceed Rs. 12,000 | ||
| (2) | where the total income exceeds | 25 per cent. of the amount |
| Rs. 12,000 but does not exceed | by which the total income | |
| Rs. 20,000 | exceeds Rs. 12,000; | |
| (3) | where the total income exceeds | Rs. 2,000 plus 30 per cent. |
| Rs. 20,000 but does not exceed | of the amount by which the | |
| Rs. 40,000 | total income exceeds Rs. 20,000; | |
| (4) | where the total income exceeds | Rs. 8,000 plus 40 per cent. |
| Rs. 40,000 but does not exceed | of the amount by which the | |
| Rs. 60,000 | total income exceeds Rs. 40,000; | |
| (5) | where the total income exceeds | Rs. 16,000 plus 50 per cent. |
| Rs. 60,000 but does not exceed | of the amount by which the | |
| Rs. 1,00,000 | total income exceeds Rs. 60,000; | |
| (6) | where the total income exceeds | Rs. 36,000 plus 55 per cent. |
| Rs. 1,00,000 | 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 reduced by the amount of rebate of income-tax calculated under Chapter VIII-A and the income-tax as so reduced 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.
Paragraph B
In the case of every co-operative society, -
RATES OF INCOME-TAX
| (1) | where the total income does not | 10 per cent. of the |
| exceed Rs. 10,000 | total income; | |
| (2) | where the total income exceeds | Rs. 1,000 plus 20 per cent. |
| Rs. 10,000 but does not exceed | of the amount by which the | |
| Rs. 20,000 | total income exceeds Rs. 10,000; | |
| (3) | where the total income exceeds | Rs. 3,000 plus 35 per cent. |
| Rs. 20,000 | of the amount by which the | |
| total income exceeds Rs. 20,000. |
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this 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.
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 | Nil; |
| exceed Rs. 15,000 | ||
| (2) | where the total income exceeds | 6 per cent. of the amount |
| Rs. 15,000 but does not exceed | by which the total income | |
| Rs. 50,000 | exceeds Rs. 15,000; | |
| (3) | where the total income exceeds | Rs. 2,100 plus 12 per cent. |
| Rs. 50,000 but does not exceed | of the amount by which the | |
| Rs. 1,00,000 | total income exceeds Rs. 50,000; | |
| (4) | where the total income exceeds | Rs. 8,100 plus 18 per cent. |
| Rs. 1,00,000 | 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 | Nil; |
| exceed Rs. 15,000 | ||
| (2) | where the total income exceeds | 5 per cent. of the amount |
| Rs. 15,000 but does not exceed | by which the total income | |
| Rs. 50,000 | exceeds Rs. 15,000; | |
| (3) | where the total income exceeds | Rs. 1,750 plus 10 per cent. |
| Rs. 50,000 but does not exceed | of the amount by which the | |
| Rs. 1,00,000 | total income exceeds Rs. 50,000; | |
| (4) | where the total income exceeds | Rs. 6,750 plus 15 per cent. |
| Rs. 1,00,000 | 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.
Explanation : For the purposes of this Paragraph, "registered firm" includes an unregistered firm assessed as a registered firm under clause (b) of section 183 of the Income-tax Act.
Paragraph D
In the case of every local authority, -
RATE OF INCOME-TAX
| On the whole of the total income | 50 per cent. |
Surcharge on income-tax
The amount of income-tax computed at the rate hereinbefore specified 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.
Paragraph E
In the case of a company, -
RATES OF INCOME-TAX
I. In the case of a domestic company, -
| (1) | where the company is a company in which the public are substantially total income; interested | 40 per cent. of the |
| (2) | where the company is not a company in which the public are substantially interested - | |
| (i) in the case of trading company or an investment company | 50 per cent. of the total income; | |
| (ii) in any other case | 45 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 - 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 | 65 per cent. |
'Surcharge on income-tax
The amount of income-tax computed in accordance with the 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 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, 1983, or the 1st day of April, 1984 or the 1st day of April, 1985, or the 1st day of April, 1986, or the 1st day of April, 1987, or the 1st day of April, 1988, or the 1st day of April, 1989, or the 1st day of April, 1990, 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, 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, or the 1st day of April, 1986, or the 1st day of April, 1987, or the 1st day of April, 1988, or the 1st day of April, 1989, or the 1st day of April, 1990,
(ii) 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, or the 1st day of April, 1986, or the 1st day of April, 1987, or the 1st day of April, 1988, or the 1st day of April, 1989, or the 1st day of April, 1990,
(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1985, 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, 1986, or the 1st day of April, 1987, or the 1st day of April, 1988, or the 1st day of April, 1989, or the 1st day of April, 1990,
(iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1986, 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, 1987, or the 1st day of April, 1988, or the 1st day of April, 1989, or the 1st day of April, 1990,
(v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1987, 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, 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 year relevant to the assessment year commencing on the 1st day of April, 1992, or, if by virtue of any provision of the Income-tax Act, income-tax to be charged in respect of the income of a period other than that 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, 1984, or the 1st day of April, 1985, or the 1st day of April, 1986, or the 1st day of April, 1987, or 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, is a loss, then, for the purposes of sub-section (8) 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, 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, or the 1st day of April, 1986, or the 1st day of April, 1987, or 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,
(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1985, 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, 1986, or the 1st day of April, 1987, or 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,
(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1986, 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, 1987, or 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,
(iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1987, 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, 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 for the previous year relevant to the assessment year commencing on the 1st day of April, 1991,
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, 1992.";
(B) for sub-rule (5), the following sub-rule shall be substituted, namely :-
"(5) 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 Part IV of the First Schedule to the Finance Act, 1983 (11 of 1983), or of the First Schedule to the Finance Act, 1984 (21 of 1984), or of the First Schedule to the Finance Act, 1985 (32 of 1985), or of the First Schedule to the Finance Act, 1986 (23 of 1986), or of the First Schedule to the Finance Act, 1987 (11 of 1987), or of the First Schedule to the Finance Act, 1988 (26 of 1988), or of the First Schedule to the Finance Act, 1989 (13 of 1989), or of the First Schedule to the Finance Act, 1990 (12 of 1990), shall be set off under sub-rule (1) or, as the case may be, sub-rule (2).".