Section Text
See section 2- ) PART 1 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 exceed Nil; Rs. 8,000 (2) where the total income exceeds Rs. 8,000 15 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. 1,050 plus 18 per cent. of the amount by which but does not exceed Rs. 20,000 the total income exceeds Rs. 15,000;
(4) where the total income exceeds Rs. 20,000 Rs. 1,950 plus 25 per cent. of the amount by which but does not exceed Rs. 25,000 the total income exceeds Rs. 20,000;
(5) where the total income exceeds Rs. 25,000 Rs. 3,200 plus 30 per cent. of the amount by which but does not exceed Rs. 30,000 the total income exceeds Rs. 25,000.
(6) 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 Rs. 30,000;
(7) 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 Rs. 50,000:
(8) where the total income exceeds Rs. 70,000 Rs. 22,700 plus 55 per cent. of the amount by which but does not exceed Rs. 1,00,000 the total income exceeds Rs. 70,000:
(9) 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 Rs. 1,00,000.
Provided that for the purposes of this Sub-Paragraph -
(i) no income-tax shall he payable on a total income not exceeding Rs. 10,000;
(ii) where the total income exceeds Rs. 10,000 but. does not exceed Rs. 10,540. the income-tax payable . thereon shall not exceed -seventy 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 fifteen per cent. of such income-tax. Sub-Paragraph II In the case of every Hindu undivided family which it 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. 1979 exceeds Rs. 10,000,- 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 18 per cent. of the amount hy which the total income but does not exceed Rs. 15,000 exceeds Rs. 8,000;
(3) where the tola! income exceeds Rs. 15,000 Rs. 1,260 plus 25 per cent. of the amount by which but does not exceed Rs. 20,000 the total income exceeds Rs. 15,000;
(4) where tliJ total income exceeds Rs. 20,000 Rs. 2,510 plus 30 per cent. of the amount by which but does not exceed Rs. 25,000 the total income exceeds Rs. 20,000;
(5) where the total income exceeds Rs. 25,000 Rs. 4,010 plus 40 per cent. of the amount hy which but does not exceed Rs. 30,000 the total income exceeds Rs. 25,000;
(6) where the total income exceeds Rs. 30,000 Rs. 6,010 plus 50 per cent. of the amount by which but does not exceed Rs. 50,000 the total income exceeds Rs. 30,000;
(7) where the total income exceeds Rs. 50,000 Rs. 16,010 plus 55 per cent. of the amount by which but does not exceed Rs. 70,000 the total income exceeds Rs. 50,000;
(8) where the total income exceeds Rs. 70,000 Rs. 27,010 plus 60 per cent. of the amount by which the 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. 10,690. the income-tax payable thereon shall not exceed seventy per cent. of the amount hy 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 fifteen per cent. of such income-tax. Paragraph B In the case of every co-operative society, - Rules of income-tax (1) where the total income does riot exceeds 15 per cent. of the total income; Rs. 10,000 (2) where the total income exceeds Rs. 10000 Rs. 1,500 plus 25 per cent. of the amount by which but does not exceed Rs. 20,000 the total income exceeds Rs. 10,000;
(3) where the total income exceeds Rs. 20,000 Rs. 4,000 plus 40 per cent.of the amountl 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 theis paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of fifteen per cent. of such income-tax Paragraph C Sub-Paragraph I In the ease 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 Rs. 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 incoe exceeds Rs. 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 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 fifteen 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. 10,000 (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. 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 Rs. 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 Rs 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 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 he increased by a surcharge for purposes of the Union calculated at the rate of fifteen 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-lax 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 fifteen 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 45 per cent. of the total income. does not exceed Rs. 1,00,000 (ii) in a case where the total 55 per cent. of the total income; 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 55 per cent. of the total income. does not exceed Rs. 2,00,000 (b) where the total income 60 per cent. of the total income; exceeds 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-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 lor 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 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 lhe 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 Rupess 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 cay of March. 1961 hut before the 1st day of April. 1976. or (b) tees lor rendering techincal services received from an Indian concern in pursuance of agreement made hy it with the Indian concern after the 29th day of February, 1964 hut before the 1st day of April. 1976. and where such agreement has. in 50 per cent., either case. been approved hy 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 he increased by a surcharge calculated at the rate of five per cent of such income-tax