Section Text
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 the 65 per cent. total income; Surcharge on income-tax The amount of income-tax computed in accordance with the provisions of this Paragraph or section 12shall, in the cases of every domestic company having a total income exceeding seventy-five thousand rupees, be increased by a surcharge calculated at the rate of fifteen per cent of such income-tax. PART 04: RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1. -Agricultural income of the nature referred to in sub-clause (a) of clause (IA) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions of section 57 to 59of that Act shall so far as may be. apply accordingly : Provided that sub-section (2) of section 58shall apply subject to the modification that the reference to section 40Atherein shall be construed as not including a reference to sub-sections (3) and (4) of section b) or sub-clause (c) of clause (IA) of Section 2 of the Income-tax Act[other than income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head "Profits and gains of business or profession" and the provisions ofsections 30,31.32,36,37,38,40,40A[other than sub-sections (3) and (4) thereof). 43A. 43B and 43C of the Income-tax Act shall, so far as may be. apply accordingly. Rule 3. - Agricultural income of the nature referred to in sub-clause (c) of clause (IA) ofsection 2 of the Income-tax Act. being income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause, (c) shall be computed as if it were income chargeable lo income-tax under that Act under the head "Income from house property" and the provisions ofsection 23 to 27of that Act shall, so far as may be, apply accordingly. Rule 4. --- Notwithstanding anything contained in any other provisions of these rules, in a case where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed in accordance with Rule 8 of the Income-tax Rules.