THE FIRST
SCHEDULE
(See section
2)
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
|
(1) |
where the total income does not
exceed Rs. 1,00,000 |
Nil; |
|
(2) |
where the total income exceeds
Rs. 1,00,000 but does not exceed Rs. 1,50,000 |
10 per cent of the amount by
which the total income exceeds Rs. 1,00,000; |
|
(3) |
where the total income exceeds
Rs. 1,50,000 but does not exceed Rs. 2,50,000 |
Rs. 5,000 plus 20 per
cent of the amount by which the total income exceeds Rs. 1,50,000; |
|
(4) |
where the total income exceeds
Rs. 2,50,000 |
Rs. 25,000 plus 30 per
cent of the amount by which the total income exceeds Rs. 2,50,000. |
(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. 1,35,000 |
Nil; |
|
(2) |
where the total income exceeds
Rs. 1,35,000 but does not exceed Rs. 1,50,000 |
10 per cent of the amount by
which the total income exceeds Rs. 1,35,000; |
|
(3) |
where the total income exceeds
Rs. 1,50,000 but does not exceed Rs. 2,50,000 |
Rs. 1,500 plus 20 per
cent of the amount by which the total income exceeds Rs. 1,50,000; |
|
(4) |
where the total income exceeds
Rs. 2,50,000 |
Rs. 21,500 plus 30 per
cent of the amount by which the total income exceeds Rs. 2,50,000. |
(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. 1,85,000 |
Nil; |
|
(2) |
where the total income exceeds
Rs. 1,85,000 but does not exceed Rs. 2,50,000 |
20 per cent of the amount by
which the total income exceeds Rs. 1,85,000; |
|
(3) |
where the total income exceeds
Rs. 2,50,000 |
Rs. 13,000 plus 30 per
cent of the amount by which the total income exceeds Rs. 2,50,000. |
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 reduced by the amount of rebate of income-tax calculated
under Chapter VIII-A, and the income-tax as so reduced, 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 be increased by a surcharge for purposes of the Union
calculated at the rate of ten per cent of such income-tax.
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 |
30 per cent of the total income; |
|
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, |
|
|
|
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 at the rate of ten per cent
of such income-tax;
(ii) in the case of every company other than a domestic company at the
rate of two and one-half per cent.