1[SCHEDULE
(See section 3)
(Rate of Agricultural Income Tax)
Part I
In the case of a person other than a Company or Firm
| Where the total agricultural income does not exceed Rs. 40,000 | Nil |
| Where the total agricultural income exceeds Rs. 40,000, but does not exceed Rs. 50,000 | ten percent of the amount by which the total income exceeds Rs. 40,000. |
| Where the total agricultural income exceeds Rs. 50,000 but does not exceed Rs. 75,000 | Rs. 1,000 plus twenty percent of the amount by which the total income exceeds Rs. 50,000. |
| Where the total agricultural income exceeds Rs. 75,000 but does not exceed Rs. 1 lakh | Rs. 6,000 plus thirty percent of the amount by which the total income exceeds Rs. 75,000. |
| Where the total agricultural income exceeds Rs. 1 lakh | Rs. 13,500 plus forty percent of the amount by which the total income exceeds Rs. 1 lakh |
PART II
In the case of a firm:
On whole of the total agricultural forty percent income
PART III
In the case of Company:
| Where the total agricultural income does not exceed Rs. 1 lakh | thirty percent of the total income |
| Where the total agricultural income exceeds Rs. 1 lakh but does not exceed Rs. 5 lakh | Rs. 30,000 plus forty percent of the amount by which the total income exceeds Rs. 1 lakh |
| Where the total agricultural income exceeds Rs. 5 lakh | Rs. 1,90,000 plus fifty percent of the amount by which the total income exceeds Rs. 5 lakh |
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1. Substituted by Act 7 of 1997 w.e.f. 1.4.1997.