Income-tax
2. The provisions of section 2 of, and the First
Schedule to, the Finance Act, 2008 (18 of 2008), shall apply in relation to
income-tax for the assessment year or, as the case may be, the financial year
commencing on the 1st day of April, 2009, as they apply in relation to
income-tax for the assessment year or, as the case may be, the financial year
commencing on the 1st day of April, 2008, with the following modifications,
namely :—
(a) in section 2,—
(i) for sub-section (1), the following
sub-section shall be substituted, namely :—
“(1) Subject
to the provisions of sub-sections (2) and (3), for the assessment year
commencing on the 1st day of April, 2009, income-tax shall be charged at the
rates specified in Part I of the First Schedule and such tax shall be increased
by a surcharge, for purposes of the Union, calculated in each case in the
manner provided therein.”;
(ii) in sub-section (2),—
(A) in the opening portion and in clause (a)
and sub-clause (ii) of clause (b), for the words “one lakh ten
thousand rupees”, the words “one lakh fifty thousand rupees” shall be
substituted;
(B) in the first proviso,—
(I) for the words “one lakh ten thousand rupees”,
the words “one lakh fifty thousand rupees” shall be substituted;
(II) for the words “one lakh forty-five thousand
rupees”, the words “one lakh eighty thousand rupees” shall be substituted;
(C) in the second proviso,—
(I) for the words “one lakh ten thousand rupees”,
the words “one lakh fifty thousand rupees” shall be substituted;
(II) for the words “one lakh ninety-five thousand
rupees”, the words “two lakh twenty-five thousand rupees” shall be substituted;
(D) in the third proviso, the words, figures and
letter “, as reduced by the amount of rebate of income-tax calculated under
Chapter VIII-A of the Income-tax Act”, shall be omitted;
(iii) in sub-section (3), in the opening portion,
for the words “the Income-tax Act”, the words, figures and brackets “the
Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax
Act)” shall be substituted;
(iv) in sub-section (13), in clause (a),
for the figures “2008”, the figures “2009” shall be substituted;
(b) in the First Schedule,—
(i) for Part I, the following Part shall be
substituted, namely :—
“Part I
Income-tax
Paragraph A
(I) In the
case of every individual other than the individual referred to in items (II)
and (III) of this Paragraph or Hindu undivided family or 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 any other Paragraph
of this Part applies,—
Rates of income-tax
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|
(1) |
where the total
income does not exceed Rs. 1,50,000 |
Nil; |
|
|
(2) |
where the total
income exceeds Rs. 1,50,000 but does not exceed Rs. 3,00,000 |
10 per cent of
the amount by which the total income exceeds Rs. 1,50,000; |
|
|
(3) |
where the total
income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 |
Rs. 15,000 plus
20 per cent of the amount by which the total income exceeds Rs. 3,00,000; |
|
|
(4) |
where the total
income exceeds Rs. 5,00,000 |
Rs. 55,000 plus
30 per cent of the amount by which the total income exceeds Rs. 5,00,000. |
(II) In the
case of every individual, being a woman resident in India, and below the age of
sixty-five years at any time during the previous year,—
Rates of income-tax
|
|
(1) |
where the total
income does not exceed Rs. 1,80,000 |
Nil; |
|
|
(2) |
where the total
income exceeds Rs. 1,80,000 but does not exceed Rs. 3,00,000 |
10 per cent of
the amount by which the total income exceeds Rs. 1,80,000; |
|
|
(3) |
where the total
income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 |
Rs. 12,000 plus
20 per cent of the amount by which the total income exceeds Rs. 3,00,000; |
|
|
(4) |
where the total
income exceeds Rs. 5,00,000 |
Rs. 52,000 plus
30 per cent of the amount by which the total income exceeds Rs. 5,00,000. |
(III) In the
case of every individual, being a resident in India, who is of the age of
sixty-five years or more at any time during the previous year,—
Rates of income-tax
|
|
(1) |
where the
total income does not exceed Rs. 2,25,000 |
Nil; |
|
|
(2) |
where the
total income exceeds Rs. 2,25,000 but does not exceed Rs. 3,00,000 |
10 per cent
of the amount by which the total income exceeds Rs. 2,25,000; |
|
|
(3) |
where the
total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 |
Rs. 7,500 plus
20 per cent of the amount by which the total income exceeds Rs. 3,00,000; |
|
|
(4) |
where the
total income exceeds Rs. 5,00,000 |
Rs. 47,500 plus
30 per cent of the amount by which the total income exceeds Rs. 5,00,000. |
Surcharge on income-tax
The amount of
income-tax computed in accordance with the preceding provisions of this
paragraph, or in section 111A or section 112, shall,—
(i) in the case of every individual or Hindu
undivided family or association of persons or body of individuals having a
total income exceeding ten lakh rupees, be increased by a surcharge for
purposes of the Union calculated at the rate of ten per cent of such income-tax;
(ii) in the case of every person, other than those
mentioned in item (i), be increased by a surcharge for purposes of the
Union calculated at the rate of ten per cent of such income-tax :
Provided
that in case of persons mentioned in item (i) above having a total
income exceeding ten lakh rupees, the total amount payable as income-tax and
surcharge on such income shall not exceed the total amount payable as
income-tax on a total income of ten lakh rupees by more than the amount of
income that exceeds ten lakh rupees.
Paragraph B
In the case of
every co-operative society,—
Rates of income-tax
|
|
(1) |
where the total
income does not exceed Rs. 10,000 |
10 per cent of
the total income; |
|
|
(2) |
where the total
income exceeds Rs. 10,000 but does not exceed Rs. 20,000 |
Rs. 1,000 plus
20 per cent of the amount by which the total income exceeds Rs. 10,000; |
|
|
(3) |
where the total
income exceeds Rs. 20,000 |
Rs. 3,000 plus
30 per cent of the amount by which the total income exceeds Rs. 20,000. |
Paragraph C
In the case of
every firm,—
Rate of income-tax
|
|
On the whole
of the total income |
30 per cent |
Surcharge on income-tax
The amount of
income-tax computed at the rate hereinbefore specified, or in section 111A or
section 112, shall, in the case of every firm having a total income exceeding
one crore rupees, be increased by a surcharge for purposes of the Union
calculated at the rate of ten per cent of such income-tax :
Provided that in the case of every firm having a total
income exceeding one crore rupees, the total amount payable as income-tax and
surcharge on such income shall not exceed the total amount payable as
income-tax on a total income of one crore rupees by more than the amount of
income that exceeds one crore rupees.
Paragraph D
In the case of
every local authority,—
Rate of income-tax
|
|
On the whole
of the total income |
30 per cent |
Paragraph E
In the case of
a company,—
Rates of income-tax
|
I. In the case of a domestic company 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 Government or an
Indian concern in pursuance of an agreement made by it with the Government or
the Indian concern after the 31st day of March, 1961 but before the 1st day
of April, 1976; or (b) fees for rendering technical services
received from Government or an Indian concern in pursuance of an agreement
made by it with the Government or the Indian concern after the 29th day of
February, 1964 but before the 1st day of April, 1976, |
30 per cent of
the total income; |
|
and
where such agreement has, in either case, been approved by the Central
Government |
50 per cent; |
|
(ii) on the balance, if any, of the total income |
40 per cent |
Surcharge on income-tax
The amount of
income-tax computed in accordance with the preceding provisions of this
Paragraph, or in section 111A or section 112, shall, in the case of every
company, be increased by a surcharge for purposes of the Union calculated,—
(i) in the case of every domestic company having
a total income exceeding one crore rupees, at the rate of ten per cent of such
income-tax;
(ii) in the case of every company other than a
domestic company having a total income exceeding one crore rupees, at the rate
of two and one-half per cent :
Provided that in the case of every company having a
total income exceeding one crore rupees, the total amount payable as income-tax
and surcharge on such income shall not exceed the total amount payable as
income-tax on a total income of one crore rupees by more than the amount of
income that exceeds one crore rupees.”;
(ii) in Part IV, in Rule 8,-
(A) for sub-rules (1) and (2), the following
sub-rules shall be substituted, namely:—
“(1)
Where the assessee has, in the previous year relevant to the assessment year
commencing on the 1st day of April, 2009, any agricultural income and the net
result of the computation of the agricultural income of the assessee for any
one or more of the previous years relevant to the assessment year commencing on
the 1st day of April, 2001 or the 1st day of April, 2002 or the 1st day of
April, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005 or the
1st day of April, 2006 or the 1st day of April, 2007 or the 1st day of April,
2008, is a loss, then, for the purposes of sub-section (2) of section 2 of this
Act,—
(i) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2001, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2002 or the 1st day of April, 2003 or the 1st day of April,
2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day
of April, 2007 or the 1st day of April, 2008,
(ii) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2002, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2003 or the 1st day of April, 2004 or the 1st day of April,
2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or the 1st day
of April, 2008,
(iii) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2003, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2004 or the 1st day of April, 2005 or the 1st day of April,
2006 or the 1st day of April, 2007 or the 1st day of April, 2008,
(iv) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2004, to the
extent, if any, such loss has not been set-off against the agricultural income
for the previous year relevant to the assessment year commencing on the 1st day
of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or
the 1st day of April, 2008,
(v) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2005, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2006 or the 1st day of April, 2007 or the 1st day of April,
2008,
(vi) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2006, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2007 or the 1st day of April, 2008,
(vii) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2007, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2008,
(viii) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2008,
shall
be set-off against the agricultural income of the assessee for the previous
year relevant to the assessment year commencing on the 1st day of April, 2009.
(2)
Where the assessee has, in the previous year relevant to the assessment year
commencing on the 1st day of April, 2010, or, if by virtue of any provision of
the Income-tax Act, income-tax is to be charged in respect of the income of a
period other than the previous year, in such other period, any agricultural
income and the net result of the computation of the agricultural income of the
assessee for any one or more of the previous years relevant to the assessment
year commencing on the 1st day of April, 2002 or the 1st day of April, 2003 or
the 1st day of April, 2004 or the 1st day of April, 2005 or the 1st day of
April, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008 or the
1st day of April, 2009, is a loss, then, for the purposes of sub-section (10)
of section 2 of this Act,—
(i) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2002, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2003 or the 1st day of April, 2004 or the 1st day of April,
2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or the 1st day
of April, 2008 or the 1st day of April, 2009,
(ii) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2003, to
the extent, if any, such loss has not been set-off against the agricultural income
for the previous year relevant to the assessment year commencing on the 1st day
of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or
the 1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of
April, 2009,
(iii) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2004,to the
extent, if any, such loss has not been set-off against the agricultural income
for the previous year relevant to the assessment year commencing on the 1st day
of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or
the 1st day of April, 2008 or the 1st day of April, 2009,
(iv) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2005, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2006 or the 1st day of April, 2007 or the 1st day of April,
2008 or the 1st day of April, 2009,
(v) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2006, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year rele-vant to the assessment year commencing on the
1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of April,
2009,
(vi) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2007, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2008 or the 1st day of April, 2009,
(vii) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2008, to
the extent, if any, such loss has not been set-off against the agricultural
income for the previous year relevant to the assessment year commencing on the
1st day of April, 2009,
(viii) the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2009,
shall
be set off against the agricultural income of the assessee for the previous
year relevant to the assessment year commencing on the 1st day of April,
2010.”;
(B) for
sub-rule (4), the following sub-rule shall be substituted, namely:—
“(4)
Notwithstanding anything contained in this rule, no loss which has not been
determined by the Assessing Officer under the provisions of these rules or the
rules contained in Part IV of the First Schedule to the Finance Act, 2001 (14
of 2001), or of the First Schedule to the Finance Act, 2002 (20 of 2002), or of
the First Schedule to the Finance Act, 2003 (32 of 2003), or of the First
Schedule to the Finance (No. 2) Act, 2004 (23 of 2004), or of the First
Schedule to the Finance Act, 2005 (18 of 2005), or of the First Schedule to the
Finance Act, 2006 (21 of 2006), or of the First Schedule to the Finance Act,
2007 (22 of 2007), or of the First Schedule to the Finance Act, 2008 (18 of
2008) shall be set-off under sub-rule (1) or, as the case may be, sub-rule
(2).”.
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