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Finance Act, 1982 Complete Act

State: Central

Year: 1982

.....1982-83 Be it enacted by Parliament in the Thirty-third Year of the Republic of India as follows: SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called The Finance Act, 1982. (2)Sections 2-to29-,Sections 31-to42-andSections 55-to57-shall, save as otherwise provided in this Act, be deemed to have come into force on the 1st day of April, 1982, andSection 30-shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. SECTION 02: INCOME-TAX (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 1982, income-tax shall be charged at the rates specified in Part I of the First Schedule and shall be increased, - (a) in the cases to which Paragraphs A, B, C and D of that Part apply, by a surcharge for purposes of the Union; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein: (2) In the cases to which sub-paragraph I or sub-paragraph II of Paragraph A of Pan I of the First Schedule applies, where the asscssee has, in the previous year, any net agricultural income exceeding.....

Finance Act, 1982 Schedule I

Title: Schedule

State: Central

Year: 1982

.....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 Nil; not exceed Rs. 15,000 (2) where the total income exceeds 30 per cent. of the amount by Rs. 15,000 but does not exceed which the total income Rs. 25,000 exceeds Rs. 15,000; (3) where the total income exceeds Rs. 3,000 plus 34 per cent. Rs. 25,000 but does not exceed of the amount by which the Rs. 30,000 total income exceeds Rs. 25,000; (4) where the total income exceeds Rs. 4,700 plus 40 per cent. Rs. 30,000 but does not exceed of the amount by which the Rs. 50,000 total income exceeds Rs. 30,000; (5) where the total income exceeds Rs. 12,700 plus 50 per cent. .....

Finance Act, 1982 Chapter II

Title: Rate of Income-tax

State: Central

Year: 1982

.....and the sum so arrived at shall be the income-tax in respect of the total income. (3) In cases to which the provisions of Chapter XII or section 164 or section 164A or section 167A of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be. (4) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act at the rates in force, the deduction shall be made at the rates specified in Part II of the First Schedule. (5) Subject to the provisions of sub-section (6), in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or deducted under sub-section (9).....

Finance Act, 1982 Section 2

Title: Income-tax

State: Central

Year: 1982

.....and the sum so arrived at shall be the income-tax in respect of the total income. (3) In cases to which the provisions of Chapter XII or section 164 or section 164A or section 167A of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be. (4) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act at the rates in force, the deduction shall be made at the rates specified in Part II of the First Schedule. (5) Subject to the provisions of sub-section (6), in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or deducted under sub-section (9).....