Section Text
The Second Schedule
(See section 3)
Rates of Annuity Deposit for the Assessment Year 1968-69
| (i) In the case of any depositor whose total income does not exceed Rs. 15,000 | Nil. |
| (ii) In the case of any depositor whose total income exceeds 15,000 but does not exceed | 6 per cent. of the adjusted total income: |
| Provided that the annuity deposit to be made shall in no case exceed half the amount by which the total income exceeds Rs. 15,000. | |
| (iii) In the case of a depositor whose total income exceeds Rs. 20,000 but does not exceed Rs. 40,000 | 9 per cent. of the adjusted total income : |
| Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :- | |
| (a) an amount calculated at six per cent. on so much of the adjusted total income as does not exceed Rs. 20,000; | |
| (b) one-half of the amount by which the total income exceeds Rs. 20,000. | |
| (iv) In the case of a depositor whose total income exceeds Rs. 40,000 but does not exceed Rs. 70,000 | 12 per cent. of the adjusted total income : |
| Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :- | |
| (a) an amount calculated at nine per cent. on so much of the adjusted total income as does not exceed Rs. 40,000; | |
| (b) one-half of the amount by which the total income exceeds Rs. 40,000. | |
| (v) In the case of a depositor whose total income exceeds Rs. 70,000 | 15 per cent. of the adjusted total income : |
| Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :- | |
| (a) an amount calculated at twenty per cent. on so much of the adjusted total income as does not exceed Rs. 70,000; | |
| (b) one-half of the amount by which the total income exceeds Rs. 70,000. |
Explanation : In this Schedule, "total income" means total income computed in the manner laid down in the Income-tax Act without making any allowance under section 280-O of that Act.