Individual, Hindu undivided family, association of persons, body
of individuals, artificial juridical person. Paragraph A of Part-III
of First Schedule to the Bill provides following rates of income-tax:—
(i) The rates
of income-tax in the case of every individual (other than those mentioned in
(ii) and (iii) below) or Hindu undivided family or every 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 Act (not being a case to which any other Paragraph of Part III applies) are
as under:—
|
Upto Rs. 2,50,000
|
Nil.
|
|
Rs. 2,50,001 to Rs.
5,00,000
|
5 per cent
|
|
Rs. 5,00,001 to Rs.
10,00,000
|
20 per cent
|
|
Above Rs. 10,00,000
|
30 per cent
|
(ii) In the case of
every individual, being a resident in India, who is of the age of sixty years
or more but less than eighty years at any time during the previous year,—
|
Upto Rs.3,00,000
|
Nil
|
|
Rs. 3,00,001 to Rs.
5,00,000
|
5 per cent
|
|
Rs. 5,00,001 to Rs.
10,00,000
|
20 per cent
|
|
Above Rs. 10,00,000
|
30 per cent
|
(ii) in the case of
every individual, being a resident in India, who is of the age of eighty years
or more at any time during the previous year,—
|
Upto Rs. 5,00,000
|
Nil
|
|
Rs. 5,00,001 to Rs.
10,00,000
|
20 per cent
|
|
Above Rs. 10,00,000
|
30 per cent
|
The amount of
income-tax computed in accordance with the preceding provisions of this
Paragraph shall be increased by a surcharge at the rate of,—
(i) ten per cent. of
such income-tax in case of a person having a total income exceeding fifty lakh
rupees but not exceeding one crore rupees; and
(ii) fifteen per cent.
of such income-tax in case of a person having a total income exceeding one
crore rupees.
However, in case of
(i) above, the total amount payable as income-tax and surcharge on total income
exceeding fifty lakh rupees but not 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 fifty lakh rupees by more
than the amount of income that exceeds fifty lakh rupees.
Further, in case of
(ii) above, the total amount payable as income-tax and surcharge on total
income exceeding one crore rupees shall not exceed the total amount payable as
income-tax and surcharge on a total income of one crore rupees by more than the
amount of income that exceeds one crore rupees.
Sachin Kumar Mishra
sachincpr.blogspot.com
