Section Text
Seesection 2-)PART I INCOME-TAX AND SURCHARGE ON INCOMK-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 every artificial juridical person referred to in sub-clause (vii) of clause (31) ofsection 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 exceed Nil: Rs. 15,000 (2) where the total income exceeds Rs. 15.000 30 per cent. of the amount by which the total income but does not exceed Rs. 25,000 exceeds Rs. 15.000.
(3) where the total income exceeds Rs. 25.000 Rs. 3.000 plus 34 per cent. of the amount by which but does not exceed Rs.30.000 the total income exceeds Rupees 25,000'.
(4) where the total income exceeds Rs. 30.000 Rs. 3.000 plus 34 per cent. of the amount by which but does not exceed Rs. 50.000 the total income exceeds Rupees 30.000:
(5) where the total income exceeds Rs. 50.000 Rs. 12,700 plus 50 per cent. of the amount by which but does not exceed Rs. 70.000 the total income exceeds Rupees 50,000;
(6) where the total income exceeds Rs. 70.000 Rs. 22,700 plus 5 per cent. of the amount by which but does not exceed Rs. 1.00,000 the total income exceeds Rupees 70,000;
(7) where the total income exceeds Rs. 1.00.000 Rs. 39.200 plus 60 per cent. of the amount by which the total income exceeds Rupees 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 not exceed Nil; Rs. 8,000 (2) where the total income exceeds Rs. 8.000 22 per cent. of the amount by which the total income but does not exceed Rs. 15.000 exceeds Rs. 8,000:
(3) where the total income exceeds Rs. 15,000 Rs. 1.540 plus 27 per cent. of the amount by which but does not exceed Rs. 20.000 the total income exceeds Rupees 15,000;
(4) where the total income exceeds Rs. 20.000 Rs. 2,890 plus 35 per cent. of the amount by which but does not exceed Rs. 25.000 the total income exceeds Rupees 20,000;
(5) where the total income exceeds Rs. 25,000 Rs. 4.640 plus 40 per cent. of the amount by which but does not exceed Rs. 30.000 the total income exceeds Rupees 25,000;
(6) where the total income exceeds Rs. 30,000 Rs. 6,640 plus 50 per cent. of the amount by which but does not exceed Rs. 50.000 the total income exceeds Rupees 30,000;
(7) where the total income exceeds Rs. 50.000 Rs. 16.640 plus 60 per cent. of the amount by which the total income exceeds Rupees 50,000.
Provided that for the purposes of the 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 not exceed 15 per cent. of the total income; Rs. 10,000 (2) where the total income exceeds Rs. 10.000 Rs. 1.500 plus 25 per cent. of the amount hy which but does not exceed Rs. 20.000 the total income exceeds Rupees 10.000:
(3) where the total income exceeds Rs. 20.000 Rs. 4.000 plus 40 per cent. of the amount hy which the total income exceeds Rupees. 20.000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this paragraph shall he 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 not exceed Nil: Rs.10.000 (2) where the total income exceeds Rs. 10.000 5 per cent. of the amount by which the total income but does not exceed Rs. 25.000 exceeds Rs. 10.1)01).
(3) where the total income exceeds Rs. 25.000 Rs. 750 plus 7 per cent. of the amount by which but does not exceed Rs. 50.000 the total income exceeds Rupees 25,000;
(4) where the total income exceeds Rs. 50.000 Rs. 2.500 plus 15 per cent. of the amount hy which but does not exceed Rs. 1.00.000 the total income exceeds Rupees 50.000;
(5) where the total income exceeds Rs. 1,00,000 Rs. 10.000 plus 24 per cent. of the amount by which the total income exceeds Rupees 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 often 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 fifly-one per cent. of such total income,- Rates of income-tax (1) where the total income does not exceed Nil: Rs. 10.000 (2) where the lolal income exceeds Rs. 10.000 4 per cent. of the amount by which the total income but does not exceed Rs. 25.000 exceeds Rs. 10,000:
(3) where the total income exceeds Rs. 25.000 Rs. 600 plus 7 per cent. of the amount by which but does not exceed Rs. 50.000 the total income exceeds Rupees 25.000;
(4) where the total income exceeds Rs. 50.000 Rs. 2.350 plus 13 per cent. of the amount by which but does not exceed Rs. 1.00.000 the total income exceeds Rupees 50.000;
(5) where the total income exceeds Rs. 1.00.000 Rs. 8,850 plus 22 per cent. of the amount by which the total income exceeds Rupees 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) ofsection 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. In the case of a company. Paragraph E Rates of income-tax 1. In the case of a domestic company.--
(1) where the company is a company in which the public are substantially interesled.---
(i) in a case where the total income does 45 per cent. of the total income: not exceed Rs. 1,00.000 (ii) ill a case where the total income 55 percent, of the total income-, exceeds Rs. 1.00.000 ' (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 not 55 per cent. of the total income: exceed Rs. 2.00.000 (b) where the total income exceeds 60 per cent. of the total income: Rs. 2.00.000 (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-lax 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 it such income included income from various sources in the same proportion as the tolal income of the company): and (b) eight per cent. of the amount by which its total income exceeds Rupees 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 hy the company if its tolal 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 lhe same proportion as the total income of the company): and (b) eighty per cent. of the amount by which its total income exceeds Rupees 2.00.000. II. In the case of a company other than a domestic company.--
(i) on so much of the total income us 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 4st day of April. 1976. and where such agreement has. in either 50 per cent.; case, been approved by the Central Government (ii) on the balance. if any, of the total income 70 per cent. 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