Section Text
See section 2)PART 1 INCOME-TAX AND SURCHARGE ON INCOME-TAX Paragraph A (Sub-Paragraph) 1 III 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) 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. 4.700 plus 40 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. 60,000 the total income exceeds Rupees 50,000;
(6) where the total income exceeds Rs. 60,000 Rs. 17,700 plus 52.5 per cent. of the amount by which but does not exceed Rs. 70,000 the total income exceeds Rupees 60,000;
(7) where the total income exceeds Rs. 70,000 Rs. 22,950 plus 55 per cent. of the amount by which but does not exceed Rs. 85,000 the total income exceeds Rupees 70,000', (8) where the total income exceeds Rs. 85,000 Rs. 31,200 plus 57.5 per cent. of the amount by which but does not exceed Rs. 1,00,000 the total income exceeds Rupees 85,000;
(9) where the total income exceeds Rs. 1,00.000 Rs. 39,825 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, 1983 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 this purposes of the Sub-Paragraph.---
(i) no income-lax shall he 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 II In the case of every co-operative society, - __________________________________________________________________________________________________________________ Rates of income-tax __________________________________________________________________________________________________________________ (1) where the total income does not exceeds 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 by which but does not exceed Rs. 20.000 the tolal income exceeds Rupees 10,000;
(3) where the total income exceeds Rs. 20.000 Rs. 4,000 plus 40 .per cent. 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 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. 10,000;
(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 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. 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 fate 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 not exceed Nil; Rs.10000 (2) where the total income exceeds Rs. 10,000 4 per cent. of the amount by which the total income but does not exceed Rs. 25000 exceeds Rs. 10.000;
(3) where the total 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 he 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 __________________________________________________________________________________________________________________ 1. 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 income does 45 per cent. of the total income; not exceed Rs. 1,00,000 (ii) in a case where the total income exceeds Rs. 1.00,000 55 per cent. of the total 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 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 ---
(ii) the income-tax payable by a domestic (i) the income-tax payable by a domestic company, not being a company in which the public company, being a company in which the public are substantially interested, which is an industrial are substantially interested, the total income of company and the total income of which exceeds Which exceeds Rs. 1,00.000. shall not exceed the Rs. 2,00,000, shall not exceed the aggregate aggregate of-
(a) the income-lax which would have been (a) the income-tax which would have been payable by the company if its total income payable by the company if its total income had been Rs. 1,00,000 (the income Of had been Rs. 2.00,000 (the income of Rs. 2,00,000 Rs. 1,00,000 for this purposes being computed for purpose being computed as if such as if such income included income from various income included income from various sources in sources in the same proportion as the total the same proportion as the total income of the income of the company); and company); and (b) eight per cent. of the amount by which (b) eighty per cent. of the amount by which its total income exceeds Rupees 1,00.000; 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 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 agreement made by it with the Indian concern alter the 29th day of February, 1964 but before the 1st day of April, 1976, and when; such agreement has, in 50 per cent.: either case, been approved by the Central Government (ii) on-the balance, if any, of the total income 50 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