Section Text
The Second Schedule
(See section 3)
Rates of Annuity Deposits
(i) In the case of any depositor whose total income does not exceed Rs. 15,000 Nil;
(ii) In the case of any depositor whose total income exceeds Rs. 15,000 but does not exceed Rs. 20,000
5 per cent. of the adjusted total income :
Provided that the annuity deposit to be made shall in no case exceed half the amount by which the total income exceeds Rs. 15,000.
(iii) In the case of a depositor whose total income exceeds Rs. 20,000 but does not exceed Rs. 40,000 -
7 1/2 per cent. of the adjusted total income :
Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :-
(a) an amount calculated at five per cent. on so much of the adjusted total income as does not exceed Rs. 20,000;
(b) one-half of the amount by which the total income exceeds Rs. 20,000.
(iv) In the case of a depositor whose total income exceeds Rs. 40,000 but does not exceed Rs. 70,000 -
10 per cent. of the adjusted total income :
Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :-
(a) an amount calculated at seven and a half per cent. on so much of the adjusted total income as does not exceed Rs. 40,000;
(b) one-half of the amount by which the total income exceeds Rs. 40,000.
(v) In the case of a depositor whose total income exceeds Rs. 70,000 -
12 1/2 per cent. of the adjusted total income :
Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :-
(a) an amount calculated at ten per cent. on so much of the adjusted total income as does not exceed Rs. 70,000;
(b) one-half of the amount by which the total income exceeds Rs. 70,000.
Explanation : In this Schedule, "total income" means total income computed in the manner laid down in the Income-tax Act without making any allowance under section 280-O of that Act.