Section Text
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 not | Nil; |
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| exceed Rs. 8,000 |
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Provided that for the purposes of this Sub-Paragraph, -
(i) no income-tax shall be payable on a total income not exceeding Rs. 10,000;
(ii) where the total income exceeds Rs. 10,000 but does not exceed Rs. 12,000, the income-tax payable thereon shall not exceed thirty per cent. of the amount by which the total income exceeds Rs. 10,000.
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 twenty 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, 1980 exceeds Rs. 10,000, -
RATES OF INCOME-TAX
| (1) | where the total income does | Nil; |
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| not exceed Rs. 8,000 |
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| (2) | where the total income exceeds | 18 per cent. of the amount by |
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| Rs. 8,000 but does not exceed | which the total income |
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| Rs. 15,000 | exceeds Rs. 8,000; |
| (3) | where the total income exceeds | Rs. 1,260 plus 25 per cent. |
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| Rs. 15,000 but does not exceed | of the amount by which the |
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| Rs. 20,000 | total income exceeds Rs. 15,000; |
| (4) | where the total income exceeds | Rs. 2,510 plus 30 per cent. |
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| Rs. 20,000 but does not exceed | of the amount by which the |
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| Rs. 25,000 | total income exceeds Rs. 20,000; |
| (5) | where the total income exceeds | Rs. 4,010 plus 40 per cent. |
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| Rs. 25,000 but does not exceed | of the amount by which the |
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| Rs. 30,000 | total income exceeds Rs. 25,000; |
| (6) | where the total income exceeds | Rs. 6,010 plus 50 per cent. |
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| Rs. 30,000 but does not exceed | of the amount by which the |
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| Rs. 50,000 | total income exceeds Rs. 30,000; |
| (7) | where the total income exceeds | Rs. 16,010 plus 55 per cent. |
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| Rs. 50,000 but does not exceed | of the amount by which the |
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| Rs. 70,000 | total income exceeds Rs. 50,000; |
| (8) | where the total income exceeds | Rs. 27,010 plus 60 per cent. |
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| Rs. 70,000 | of the amount by which the |
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| total income exceeds Rs. 70,000 : |
Provided that for the purposes of this Sub-Paragraph, -
(i) no income-tax shall be payable on a total income not exceeding Rs. 10,000;
(ii) where the total income exceeds Rs. 10,000 but does not exceed Rs. 13,000, the income-tax payable thereon shall not exceed thirty per cent. of the amount by which the total income exceeds Rs. 10,000.
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 twenty 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 |
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| not exceed Rs. 10,000 | income; |
| (2) | where the total income exceeds | Rs. 1,500 plus 25 per cent. |
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| Rs. 10,000 but does not exceed | of the amount by which the |
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| Rs. 20,000 | total income exceeds Rs. 10,000; |
| (3) | where the total income exceeds | Rs. 4,000 plus 40 per cent. |
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| Rs. 20,000 | of the amount by which the |
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| 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 twenty 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; |
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| not exceed Rs. 10,000 |
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| (2) | where the total income exceeds | 5 per cent. of the amount by |
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| Rs. 10,000 but does not exceed | which the total income |
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| Rs. 25,000 | exceeds Rs. 10,000; |
| (3) | where the total income exceeds | Rs. 750 plus 7 per cent. |
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| Rs. 25,000 but does not exceed | of the amount by which the |
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| Rs. 50,000 | total income exceeds Rs. 25,000; |
| (4) | where the total income exceeds | Rs. 2,500 plus 15 per cent. |
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| Rs. 50,000 but does not exceed | of the amount by which the |
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| Rs. 1,00,000 | total income exceeds Rs. 50,000; |
| (5) | where the total income exceeds | Rs. 10,000 plus 24 per cent. |
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| Rs. 1,00,000 | of the amount by which the |
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| 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 twenty 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; |
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| not exceed Rs. 10,000 |
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| (2) | where the total income exceeds | 4 per cent. of the amount by |
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| Rs. 10,000 but does not exceed | which the total income |
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| Rs. 25,000 | exceeds Rs. 10,000; |
| (3) | where the total income exceeds | Rs. 600 plus 7 per cent. |
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| Rs. 25,000 but does not exceed | of the amount by which the |
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| Rs. 50,000 | total income exceeds Rs. 25,000; |
| (4) | where the total income exceeds | Rs. 2,350 plus 13 per cent. |
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| Rs. 50,000 but does not exceed | of the amount by which the |
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| Rs. 1,00,000 | total income exceeds Rs. 50,000; |
| (5) | where the total income exceeds | Rs. 8,850 plus 22 per cent. |
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| Rs. 1,00,000 | of the amount by which the |
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| 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 twenty 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 the twenty 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
income;
Rs. 1,00,000
(ii) in a case where the total
55 per cent. of the total
income exceeds Rs. 1,00,000
income;
(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
income;
(b) where the total income
60 per cent. of the total
exceeds Rs. 2,00,000
income;
(ii) in any other case
65 per cent. of the total
income :
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,
50 per cent.;
in either case, been approved
by the Central Government
(ii) on the balance, if any, of 70 per cent
the 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 seven and a half per cent. of such income-tax.
(ii) in Part III, in Sub-Paragraph II of Paragraph A, for the figures "1980", the figures "1981" shall be substituted;
(iii) 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, (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, 1974, 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, 1975, or the 1st day of April, 1976, or the 1st day of April, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979,
(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1975, 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, 1976, or the 1st day of April, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979,
(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1976, 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, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979,
(iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1977, 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, 1978, or the 1st day of April, 1979,
(v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1978, 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, 1979, and
(vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1979,
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, 1980.
Explanation : In this sub-rule and sub-rule (2), the expression "section 2 of this Act" means section 2 of the Finance Act, 1979 (21 of 1979), as applied for the purposes of this Act.
(2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1981, or, if by virtue of any provision of the Income-tax Act, income-tax is 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 year commencing on the 1st day of April, 1974, or the 1st day of April, 1975, or the 1st day of April, 1976, or the 1st day of April, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979, or the 1st day of April, 1980, is a loss, then, for the purposes of sub-section (6) 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, 1974, 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, 1975, or the 1st day of April, 1976, or the 1st day of April, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979, or the 1st day of April, 1980,
(ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1975, 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, 1976, or the 1st day of April, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979, or the 1st day of April, 1980,
(iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1976, 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, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979, or the 1st day of April, 1980,
(iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1977, 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, 1978, or the 1st day of April, 1979, or the 1st day of April, 1980,
(v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1978, 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, 1979, or the 1st day of April, 1980,
(vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1979, 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, 1980, and
(vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1980,
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, 1981, or the period aforesaid.';
(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 Income-tax Officer under the provisions of these rules or the rules contained in Part IV of the First Schedule to the Finance Act, 1974 (20 of 1974), or of the First Schedule to the Finance Act, 1975 (25 of 1975), or of the First Schedule to the Finance Act, 1976 (66 of 1976), or of the First Schedule to the Finance (No. 2) Act, 1977 (29 of 1977), or of the Schedule to the Finance Act, 1978 (19 of 1978), or of the First Schedule to the Finance Act, 1979 (21 of 1979), shall be set off under sub-rule (1) or, as the case may be, sub-rule (2).".
| (2) | where the total income exceeds | 15 per cent. of the amount |
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| Rs. 8,000 but does not exceed | by which the total income |
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| Rs. 15,000 | exceeds Rs. 8,000; |
| (3) | where the total income exceeds | Rs. 1,050 plus 18 per cent. |
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| Rs. 15,000 but does not exceed | of the amount by which the |
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| Rs. 20,000 | total income exceeds Rs. 15,000; |
| (4) | where the total income exceeds | Rs. 1,950 plus 25 per cent. |
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| Rs. 20,000 but does not exceed | of the amount by which the |
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| Rs. 25,000 | total income exceeds Rs. 20,000; |
| (5) | where the total income exceeds | Rs. 3,200 plus 30 per cent. |
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| Rs. 25,000 but does not exceed | of the amount by which the |
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| Rs. 30,000 | total income exceeds Rs. 25,000; |
| (6) | where the total income exceeds | Rs. 4,700 plus 40 per cent. |
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| Rs. 30,000 but does not exceed | of the amount by which the |
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| Rs. 50,000 | total income exceeds Rs. 30,000; |
| (7) | where the total income exceeds | Rs. 12,700 plus 50 per cent. |
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| Rs. 50,000 but does not exceed | of the amount by which the |
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| Rs. 70,000 | total income exceeds Rs. 50,000; |
| (8) | where the total income exceeds | Rs. 22,700 plus 55 per cent. |
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| Rs. 70,000 but does not exceed | of the amount by which the |
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| Rs. 1,00,000 | total income exceeds Rs. 70,000; |
| (9) | where the total income exceeds | Rs. 39,200 plus 60 per cent. |
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| Rs. 1,00,000 | of the amount by which the |
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| total income exceeds Rs. 1,00,000 : |