Section Text
(See section 2)
PART I
Income Tax And Surcharge On 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 | Nil; |
|
| not exceed Rs. 15,000 |
|
| (2) | where the total income exceeds | 30 per cent. of the amount by |
|
| Rs. 15,000 but does not exceed | which the total income |
|
| Rs. 25,000 | exceeds Rs. 15,000; |
| (3) | where the total income exceeds | Rs. 3,000 plus 34 per cent. |
|
| Rs. 25,000 but does not exceed | of the amount by which the |
|
| Rs. 30,000 | total income exceeds Rs. 25,000; |
| (4) | where the total income exceeds | Rs. 4,700 plus 40 per cent. |
|
| Rs. 30,000 but does not exceed | of the amount by which the |
|
| Rs. 50,000 | total income exceeds Rs. 30,000; |
| (5) | where the total income exceeds | Rs. 12,700 plus 50 per cent. |
|
| Rs. 50,000 but does not exceed | of the amount by which the |
|
| Rs. 70,000 | total income exceeds Rs. 50,000; |
| (6) | where the total income exceeds | Rs. 22,700 plus 55 per cent. |
|
| Rs. 70,000 but does not exceed | of the amount by which the |
|
| Rs. 1,00,000 | total income exceeds Rs. 70,000; |
| (7) | where the total income exceeds | Rs. 39,200 plus 60 per cent. |
|
| Rs. 1,00,000 | of the amount by which the |
|
|
| total income exceeds Rs. 1,00,000. |
| (1) | Where the total income does | Nil; |
|
| not exceed Rs. 15,000 |
|
| (2) | where the total income exceeds | 30 per cent. of the amount by |
|
| Rs. 15,000 but does not exceed | which the total income |
|
| Rs. 25,000 | exceeds Rs. 15,000; |
| (3) | where the total income exceeds | Rs. 3,000 plus 34 per cent. |
|
| Rs. 25,000 but does not exceed | of the amount by which the |
|
| Rs. 30,000 | total income exceeds Rs. 25,000; |
| (4) | where the total income exceeds | Rs. 4,700 plus 40 per cent. |
|
| Rs. 30,000 but does not exceed | of the amount by which the |
|
| Rs. 50,000 | total income exceeds Rs. 30,000; |
| (5) | where the total income exceeds | Rs. 12,700 plus 50 per cent. |
|
| Rs. 50,000 but does not exceed | of the amount by which the |
|
| Rs. 70,000 | total income exceeds Rs. 50,000; |
| (6) | where the total income exceeds | Rs. 22,700 plus 55 per cent. |
|
| Rs. 70,000 but does not exceed | of the amount by which the |
|
| Rs. 1,00,000 | total income exceeds Rs. 70,000; |
| (7) | where the total income exceeds | Rs. 39,200 plus 60 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 be increased by a surcharge for purposes of the Union calculated at the rate of ten 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 previous year relevant to the assessment year commencing on the 1st day of April, 1982, exceeds Rs. 15,000, -
RATES OF INCOME-TAX
| (1) | Where the total income does | Nil; |
|
| not exceed Rs. 8,000 |
|
| (2) | where the total income exceeds | 22 per cent. of the amount by |
|
| Rs. 8,000 but does not exceed | which the total income |
|
| Rs. 15,000 | exceeds Rs. 8,000; |
| (3) | where the total income exceeds | Rs. 1,540 plus 27 per cent. |
|
| Rs. 15,000 but does not exceed | of the amount by which the |
|
| Rs. 20,000 | total income exceeds Rs. 15,000; |
| (4) | where the total income exceeds | Rs. 2,890 plus 35 per cent. |
|
| Rs. 20,000 but does not exceed | of the amount by which the |
|
| Rs. 25,000 | total income exceeds Rs. 20,000; |
| (5) | where the total income exceeds | Rs. 4,640 plus 40 per cent. |
|
| Rs. 25,000 but does not exceed | of the amount by which the |
|
| Rs. 30,000 | total income exceeds Rs. 25,000; |
| (6) | where the total income exceeds | Rs. 6,640 plus 50 per cent. |
|
| Rs. 30,000 but does not exceed | of the amount by which the |
|
| Rs. 50,000 | total income exceeds Rs. 30,000; |
| (7) | where the total income exceeds | Rs. 16,640 plus 60 per cent. |
|
| Rs. 50,000 | of the amount by which the |
|
|
| total income exceeds Rs. 50,000; |
| (1) | Where the total income does | Nil; |
|
| not exceed Rs. 8,000 |
|
| (2) | where the total income exceeds | 22 per cent. of the amount by |
|
| Rs. 8,000 but does not exceed | which the total income |
|
| Rs. 15,000 | exceeds Rs. 8,000; |
| (3) | where the total income exceeds | Rs. 1,540 plus 27 per cent. |
|
| Rs. 15,000 but does not exceed | of the amount by which the |
|
| Rs. 20,000 | total income exceeds Rs. 15,000; |
| (4) | where the total income exceeds | Rs. 2,890 plus 35 per cent. |
|
| Rs. 20,000 but does not exceed | of the amount by which the |
|
| Rs. 25,000 | total income exceeds Rs. 20,000; |
| (5) | where the total income exceeds | Rs. 4,640 plus 40 per cent. |
|
| Rs. 25,000 but does not exceed | of the amount by which the |
|
| Rs. 30,000 | total income exceeds Rs. 25,000; |
| (6) | where the total income exceeds | Rs. 6,640 plus 50 per cent. |
|
| Rs. 30,000 but does not exceed | of the amount by which the |
|
| Rs. 50,000 | total income exceeds Rs. 30,000; |
| (7) | where the total income exceeds | Rs. 16,640 plus 60 per cent. |
|
| Rs. 50,000 | of the amount by which the |
|
|
| total income exceeds Rs. 50,000; |
| (1) | Where the total income does | Nil; |
|
| not exceed Rs. 8,000 |
|
| (2) | where the total income exceeds | 22 per cent. of the amount by |
|
| Rs. 8,000 but does not exceed | which the total income |
|
| Rs. 15,000 | exceeds Rs. 8,000; |
| (3) | where the total income exceeds | Rs. 1,540 plus 27 per cent. |
|
| Rs. 15,000 but does not exceed | of the amount by which the |
|
| Rs. 20,000 | total income exceeds Rs. 15,000; |
| (4) | where the total income exceeds | Rs. 2,890 plus 35 per cent. |
|
| Rs. 20,000 but does not exceed | of the amount by which the |
|
| Rs. 25,000 | total income exceeds Rs. 20,000; |
| (5) | where the total income exceeds | Rs. 4,640 plus 40 per cent. |
|
| Rs. 25,000 but does not exceed | of the amount by which the |
|
| Rs. 30,000 | total income exceeds Rs. 25,000; |
| (6) | where the total income exceeds | Rs. 6,640 plus 50 per cent. |
|
| Rs. 30,000 but does not exceed | of the amount by which the |
|
| Rs. 50,000 | total income exceeds Rs. 30,000; |
| (7) | where the total income exceeds | Rs. 16,640 plus 60 per cent. |
|
| Rs. 50,000 | of the amount by which the |
|
|
| total income exceeds Rs. 50,000; |
Provided that for the purposes of this Sub-Paragraph, -
(i) no income-tax shall be payable on a total income not exceeding Rs. 12,000;
(ii) where the total income exceeds Rs. 12,000 but does not exceed Rs. 17,610, the income-tax payable thereon shall not exceed forty per cent. of the amount by which the total income exceeds Rs. 12,000.
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 ten per cent. of such income-tax.
Paragraph B
In the case of every co-operative society, -
RATES OF INCOME-TAX
| (1) | where the total income does | 15 per cent. of the total |
|
| not exceed Rs. 10,000 | income; |
| (2) | where the total income exceeds | Rs. 1,500 plus 25 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. 4,000 plus 40 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 be increased by a surcharge for purposes of the Union calculated at the rate of ten 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 | Nil; |
|
| not exceed Rs. 10,000 |
|
| (2) | where the total income exceeds | 5 per cent. of the amount by |
|
| Rs. 10,000 but does not exceed | which the total income |
|
| Rs. 25,000 | exceeds Rs. 10,000; |
| (3) | where the total income exceeds | Rs. 750 plus 7 per cent. |
|
| Rs. 25,000 but does not exceed | of the amount by which the |
|
| Rs. 50,000 | total income exceeds Rs. 25,000; |
| (4) | where the total income exceeds | Rs. 2,500 plus 15 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. 10,000 plus 24 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 be increased by a surcharge for purposes of the Union calculated at the rate of ten 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 | Nil; |
|
| not exceed Rs. 10,000 | |
| (2) | where the total income exceeds | 4 per cent. of the amount by |
|
| Rs. 10,000 but does not exceed | which the total income |
|
| Rs. 25,000 | exceeds Rs. 10,000; |
| (3) | where the total income exceeds | Rs. 600 plus 7 per cent. |
|
| Rs. 25,000 but does not exceed | of the amount by which the |
|
| Rs. 50,000 | total income exceeds Rs. 25,000; |
| (4) | where the total income exceeds | Rs. 2,350 plus 13 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. 8,850 plus 22 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 be increased by a surcharge for purposes of the Union calculated at the rate of ten 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 be increased by a surcharge for purposes of the Union calculated at the rate of ten 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 interested, - |
|
| (i) in a case where the total | 45 per cent. of the total |
| income does not exceed | i ncome; |
| Rs. 1,00,000 |
|
| (ii) in a case where the total | 5 5 per cent. of the total |
| income exceeds Rs. 1,00,000 | i ncome; |
| (2) where the company is not a |
|
| company in which the public are |
|
| substantially interested, - |
|
| (i) in the case of an industrial |
|
| company, - |
|
| (a) where the total income does | 55 per cent. of the total |
| not exceed Rs. 2,00,000 | inc ome; |
| (b) where the total income | 60 per cent. of the total |
| exceeds Rs. 2,00,000 | in come; |
| (ii) in any other case | 65 per cent. of the total |
|
| i ncome : |
| Provided that - |
|
| (i) the income-tax payable |
|
| by a domestic company, |
|
| being a company in |
|
| which the public are |
|
| substantially interested, |
|
| the total income of |
|
| which exceeds Rs. |
|
| 1,00,000, shall not |
|
| exceed the aggregate of - |
|
| (a) the income-tax |
|
| which would have |
|
| been payable by |
|
| the company if |
|
| its total income |
|
| had been Rs. |
|
| 1,00,000 (the |
|
| income of Rs. |
|
| 1,00,000 for this |
|
| purposes being |
|
| computed as if |
|
| such income included |
|
| income from various |
|
| sources in the |
|
| same proportion |
|
| as the total |
|
| income of the |
|
| company); and |
|
| (b) eighty per cent. |
|
| of the amount by |
|
| which its total |
|
| income exceeds |
|
| Rs. 1,00,000; |
|
| (ii) the income-tax payable |
|
| by a domestic company, |
|
| not being a company |
|
| in which the public |
|
| are substantially |
|
| interested, which is |
|
| an industrial company |
|
| and the total income |
|
| of which exceeds Rs. |
|
| 2,00,000, shall not |
|
| exceed the aggregate |
|
| of - |
|
| (a) the income-tax |
|
| which would have |
|
| been payable by |
|
| the company if |
|
| its total income |
|
| had been Rs. |
|
| 2,00,000 (the |
|
| income of Rs. |
|
| 2,00,000 for this |
|
| purpose being |
|
| computed as if |
|
| such income |
|
| included income |
|
| from various |
|
| sources in the |
|
| same proportion |
|
| as the total |
|
| income of the |
|
| company); and |
|
| (b) eighty per cent. |
|
| of the amount by |
|
| which its total |
|
| income exceeds |
|
| Rs. 2,00,000. |
|
| II. In the case of a company |
|
| other than a domestic company, - |
|
| (i) on so much of the total income |
|
| as consists of - |
|
| (a) royalties received from an |
|
| Indian concern in pursuance |
|
| of an agreement made by it |
|
| with 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 an |
|
| Indian concern in pursuance |
|
| of an agreement made by it |
|
| with the Indian concern |
|
| after the 29th day of |
|
| February, 1964, but before |
|
| the 1st day of April, 1976, |
|
| and where such agreement has, in | 50 per cent.; |
| either case, been approved by |
|
| the Central Government |
|
| (ii) on the balance, if any, of | 70 per cent. |
total income
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 two and a half 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 | Rate of |
| Income-tax | surcharge |
1. In the case of a person other than
a company -
| (a) where the person is resident |
|
|
| in India - |
|
|
| (i) on income by way of interest | 10 per cent. | Nil; |
| other than "Interest on |
|
|
| securities" |
|
|
| (ii) on income by way of winnings | 30 per cent. | 3per cent.; |
| from lotteries and crossword |
|
|
| puzzles |
|
|
| (iii) on income by way of winnings | 30 per cent. | 3 per cent.; |
| from horse races |
|
|
| (iv) on income by way of insurance | 10 per cent. | Nil; |
| commission |
|
|
| (v) on income by way of interest | 10 per cent. | Nil; |
| payable on |
|
|
| (A) Any security, other than a |
|
|
| tax-free security, of the |
|
|
| Central or a State |
|
|
| Government; |
|
|
| (B) any debentures of other |
|
|
| securities for money |
|
|
| issued by or on behalf |
|
|
| of any local authority |
|
|
| or a corporation |
|
|
| established by a |
|
|
| Central, State or |
|
|
| Provincial Act; |
|
|
| (C) any debentures issued |
|
|
| by company where such |
|
|
| debentures are listed |
|
|
| in a recognised stock |
|
|
| exchange in India in |
|
|
| accordance with the |
|
|
| Securities Contracts |
|
|
| (Regulation) Act, 1956 |
|
|
| (42 of 1956), and any |
|
|
| rules made thereunder |
|
|
| (vi) on any other income (excluding | 20 per cent. | 2 per cent.; |
| interest payable on a tax-free |
|
|
| security) |
|
|
| (b) where the person is not resident |
|
|
| in India - |
|
|
| (i) on the whole income (excluding | income-tax at 30 per cent. |
|
| interest payable on a tax-free | and surcharge at 3 per |
|
| security) | cent. of the amount of the |
|
|
| income, |
|
| or |
|
|
| income-tax and surcharge |
|
|
| on income-tax in respect of |
|
|
| the income at the rates |
|
|
| prescribed in |
|
|
| Sub-Paragraph I of |
|
|
| Paragraph A of Part III of |
|
|
| this Schedule, if such |
|
|
| income had been the total |
|
|
| income, |
|
|
| whichever is higher; |
|
|
| (ii) on income by way of interest |
|
|
| payable on a tax-free security | 15 per cent. | 1.5 per cent. |
| 2. In the case of a company - |
|
|
| (a) where the company is a |
|
|
| domestic company - |
|
|
| (i) on income by way of interest | 20 per cent. | 0.5 per cent.; |
| other than "Interest on |
|
|
| securities" |
|
|
| (ii) on any other income (excluding | 21.5 per cent. 0.5 per cent.; |
|
| interest payable on a tax-free |
|
|
| security) |
|
|
| (b) where the company is not a |
|
|
| domestic company - |
|
|
| (i) on income by way of dividends | 25 per cent. | Nil; |
| payable by any domestic |
|
|
| company |
|
|
| (ii) on income by way of royalty | 40 per cent. | Nil; |
| payable by an Indian concern |
|
|
| in pursuance of an agreement |
|
|
| made by it with 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 the proviso |
|
|
| to sub-section (1A) of |
|
|
| section 115A of the |
|
|
| Income-tax Act to the |
|
|
| Indian concern |
|
|
| (iii) on income by way of |
|
|
| royalty [not being |
|
|
| royalty of the nature |
|
|
| referred to in sub-item |
|
|
| (b) (ii)] payable by |
|
|
| an Indian concern in |
|
|
| pursuance of an |
|
|
| agreement made by it |
|
|
| with the Indian |
|
|
| concern and which |
|
|
| has been approved |
|
|
| by the Central |
|
|
| Government, - |
|
|
| (A) where the agreement is made | 50 per cent. | 1.25 per cent.; |
| after the 31st day of March, |
|
|
| 1961, but before the 1st day |
|
|
| of April, 1976 |
|
|
| (B) where the agreement is made |
|
|
| after the 31st day of March, |
|
|
| 1976 - |
|
|
| (1) on so much of the amount | 20 per cent. | Nil; |
| of such income as consists |
|
|
| of lump sum consideration |
|
|
| for the transfer outside |
|
|
| India of, or the imparting |
|
|
| of information outside India |
|
|
| in respect of, any data, |
|
|
| documentation, drawing or |
|
|
| specification relating to |
|
|
| any patent, invention, model, |
|
|
| design, secret formula or |
|
|
| process, or trade mark or |
|
|
| similar property |
|
|
| (2) on the balance, if any, of | 40 per cent. | Nil; |
| such income |
|
|
| (iv) on income by way of fees for |
|
|
| technical service payable by |
|
|
| an Indian concern in pursuance |
|
|
| of an agreement made by it |
|
|
| with the Indian concern and |
|
|
| which has been approved |
|
|
| by the Central Government - |
|
|
| (A) where the agreement is made | 50 per cent. | 1.25 per cent.; |
| after the 29th day of February, |
|
|
| 1964, but before the 1st day of |
|
|
| April, 1976 |
|
|
| (B) where the agreement is made | 40 per cent. | Nil; |
| after the 31st day of March, |
|
|
| 1976 |
|
|
| (v) on income by way of interest | 44 per cent. | 1.1 per cent.; |
| payable on a tax-free security |
|
|
| (vi) on any other income | 70 per cent. | 1.75 per cent. |