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FINANCE (No. 2) ACT, 1971
32 of 1971
10th August, 1971
An Act to give effect to the financial proposals of the Central Government for the Financial year 1971-72 and to provide for the levy of foreign travel tax. BE it enacted by Parliament in the Twenty-second Year of the Republic of India as follows:-
SECTION 01: SHORT TITLE AND COMMENCEMENT
(1) this Act may be called The Finance (No. 2) Act, 1971.
(2) Save as otherwise provided in this Act. Sections 2-to38-andSections 53-and54-shall be deemed to have come into force on the 1st day of April. 1971.
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, 1971. income-lax shall be charged at the rates specified in Part I of the First Schedule and. in the cases to which Paragraphs A, B, C and D of that Part apply, shall be increased by a surcharge for purposes of the Union and in the cases to which Paragraph C applies, also by a special surcharge for purposes of the Union calculated in each case in the manner provided therein.
(2) In making any assessment for the assessment year commencing on the 1st day of April, 1971, where the total income of a company, other than tile Life Insurance Corporation of India established underthe Life Insurance Corporation Act, 1956-includes any profits and gains from life insurance business, the income-tax payable by it shall be aggregate of the income-tax calculated---
(i) on the amount of profits and gains from life insurance business so included, at the rate applicable in the case of the Life Insurance Corporation of India, in accordance with Paragraph E of Part I of the First Schedule, to that part of its total income which consists of profits and gains from life insurance business: and (ii) on the remaining part of its total income, at the rate applicable to the company on its total income.
(3) In cases to whichChapter 12orSection 164 of the Income-tax Act, 1961-(hereinafter referred to as the Income-tax Act) applies, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to therates 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 he deducted underSections 193-.194-.194A-and195 of the Incometax Act-at the rates in force, the deduction shall be made at the rates specified in Part II of the First Schedule.
(5) In cases in which income-tax has to be calculated under the first proviso to sub- section (5) ofsection 132 of Income-tax Act-or charged under sub-section (4) ofSection 172-or sub-section (2) ofSection 174-orSection 175-or sub-section (2) ofSection 176-of the said Act or deducted underSection 192-of the said Act from income chargeable under the head "Salaries" or deducted under sub-section (9) ofSection 80E-of the said Act from any payment referred to in the said subsection (9) or in which the "advance tax" payable under Chapter XVII - C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be. "advance tax" shall be so calculated. charged, deducted or computed at the rate or rates specified in Part III of the First Schedule: Provided that in respect of any income chargeable to lax underSection 164 of the Income- tax Act-at the rate of sixty-live per cent.. "advance lax" shall be computed at that rate.
(6) For the purposes, of (he section and the First Schedule. --- (a) "company in which the public are substantially interested" means a company which is such a company as is referred to inSection 103 of the Income-tax Act-: (b) "domestic company" means an Indian company, or any other company which, in respect of its income liable to income-lax under the Income-tax Act for the assessment year commencing on the 1st day of April. 1971. has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income in accordance with the provisions ofSection 194-of that Act:
(c) "industrial company" means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining. Explantion.-- For the purposes of this clause, a company shall be deemed to be mainly engaged in the business
of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under Chapter VIA of the Income-tax Act) is not less than fifty-one per cent. of such total income;
(d) "tax free security" means any security of the Central Government issued or declared to be income-tax free, or any security of a State Government issued income-tax free, the income-tax whereon is payable by the State Government, (e) all other words and expressions used in this section and the First Schedule but not defined in this sub -
section and defined in the Income-tax Act shall have the meanings respectively, assigned to them in that Act.
SECTION 03: 3 --30
- These sections respectively amended Ss. 2, 10, II, 13, 16,36,40. 40A, 54A, 58, 67, 80A, 80C, 801. 80L, 80M, 80MM, 80N, 800, 80P, 80T, 86, 115, 194A, 230A, 235 and the Second andSixth Schedule of the Income-tax Act- These amendments are incorporated in the principal Act.
SECTION 31: 31-36
- Respectively amended the Ss. 4, 5, 18,21,32 and the Schedule tothe Wealth-tax Act 1957- These amendments are incorporated in that Act.
SECTION 37: AMENDED S. 18 OF THE GIFT-TAX ACT 1958
- This amendment already incorporated in the principal Act.
SECTION 38: AMENDMENT OF ACT 7 OF 1964
These amendments have been incorporated in the principal Act.
SECTION 39: AMENDMENT OF ACT 32 OF 1934
This Act now stands repealed and replaced by the Customs Tariff Act, 1975 (51 of 1975).
SECTION 40: AMENDMENT OF ACT 1 OF 1944
Amendments made already incorporated in the principal Act.
SECTION 41: AMENDMENT OF ACT 58 OF 1957
Amendments made already incorporated in Act.
SECTION 42: AMENDMENT OF ART 27 OF 1958
InSection 3 of the Mineral Products (Additional duties of Excise and Customs) Act, 1958-, in sub-section (1), in the Table, for the entry in the second column against item 3, the entry "Five hundred rupees per kilolitre at fifteen degrees of centigrade thermometer", shall be substituted.
SECTION 43: EXTENT AND COMMENCEMENT
(1) The provisions of this Chapter extend to the whole of India except the State of Jammu and Kashmir.
(2) They shall come into force on such date1as the Central Government may, by notification in the Official Gazette, appoint.
SECTION 44: DEFINITIONS
In this Chapter, unless the context otherwise requires, -
(a) "aircraft" means any aircraft as defined insection 2 of the Aircraft Act, 1934-, which is used (whether exclusively or not) for the carriage of passengers;
(b) "carrier" means the person or authority undertaking the carriage of a passenger on an
international journey and includes any agent, representative or other person acting on behalf of such person or authority.
(c) "customs port" and "customs airport" mean. respectively, a port or airport appointed as such under clause (a) ofsection 7 of the Customs Act, 1962-;
(d) "fare" means the total amount of all charges of whatever nature (including charges, if any, for provision of food or accommodation) payable to the carrier by or on behalf of a passenger in respect of his international journey;
(e) "international journey", in relation to a passenger, means-
(i) his journey from the last customs port or customs airport of departure of the ship or aircraft in the territories to which this Chapter extends to a place outside India, and includes further journeys by such passenger outside India by the same or different carriers:
(ii) his journey from a place outside India to the first customs port or customs airport of arrival of the ship or aircraft in the said territories, irrespective of whether the journey commences or terminates at such customs port or customs airport;
(f) "passenger" means any person travelling on board a ship or an aircraft on an international journey except -
(i) a person employed or engaged in any capacity on board the ship or aircraft on the business thereof;
(ii) a person on board the ship or aircraft either, in pursuance of obligations laid upon the master, captain or other person in charge of the ship or aircraft to carry ship- wrecked or distressed or other persons or by reason of any circumstances which neither the master or
captain or other person in charge of the ship or aircraft nor the charterer, if any, could have prevented or forestalled;
(g) "ship" means a ship used (whether exclusively or not) for the carriage of passengers,
SECTION 45: FOREIGN TRAVEL TAX
(1) With effect from the date2of commencement of this Chapter, there shall be levied and paid to the Central Government in respect of every international journey by a passenger, where the fare for such journey is paid or is payable in Indian currency. a tax (hereafter in this Chapter referred to as the foreign travel tax) at the rate of Fifteen per cent of the fare paid or payable by such passenger for such journey.
Explanation. - When a passenger performs an international journey at a concessional rate or without being charged any fare, the fare ordinarily payable for the journey shall, for the purposes of this section, be deemed to be the fare payable by such passenger.
(2) In accordance with rules3made under this chapter, the foreign travel tax shall be collected by the carrier undertaking the carriage of the passengers, or. where the tickets or other relevant documents for such carriage are not issued by such carrier, by the carrier to whom such tickets or other documents relate, as an addition to the fares payable by such passengers and shall be paid to the Central Government.
SECTION 46: POWER TO EXEMPT
Notwithstanding anything contained in this Chapter, the Central Government may, -
(a) by notification in the Official Gazette, and subject to such conditions and limitations as may be specified therein, exempt4, wholly or to such extent as may be specified in the notification, any class or classes of passengers or any category or categories of passengers under any such class from the payment of foreign travel tax if that Government is satisfied that it is necessary so to do in the public interest:
(b) by order in writing, and subject to such conditions and limitations as may be specified therein, exempt4, wholly or to such extent as may be specified in the order, any passenger from the payment of the said tax if that Government is satisfied, for reasons to be recorded in the order, that it is necessary or expedient so to do. having regard to the special circumstances of his case and the purpose of his journey.
SECTION 47: PENALTY
Any carrier contravening the provisions of sub-section (2) ofsection 45-and any person committing a breach of any rule or regulation made under this Chapter shall be liable to a penalty not exceeding five thousand rupees and such penalty may be adjudged by such authority and in such manner as may be specified in the rules5made under this Chapter.
SECTION 48: PROTECTION OF ACTION TAKEN IN GOOD FAITH
No suit or other legal proceeding shall lie against the Central Government and no suit, prosecution or other legal proceeding shall lie against any officer or authority of that Government for anything in good faith done or intended to be done in pursuance of this Chapter or the rules and regulations made thereunder.
SECTION 49: POWER TO MAKE RULES
( 1 ) The Central Government may. by notification in the Official Gazette, make rules for carrying out the purposes of this chapter.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for -
(a) the assessment and collection of the foreign travel tax including the charges for collection payable to carriers, the authorities by whom adjudication of penalty and other functions under this Chapter are to be discharged, the issue of notices requiring payment of such tax, the manner in which such tax shall be payable, the recovery of any such tax due to the Central Government in the same manner as an arrear of land revenue in any other manner, and the procedure for claiming refund of any amount paid under this Chapter;
(b) the powers of authorities referred to in clause (a) to enter, inspect and search any ship or aircraft or any premises of a carrier and to examine any tickets, books of account, returns or other documents for the purpose of carrying out any duty imposed on any such authority by or under this Chapter : Provided that the provisions ofthe Code of Criminal Procedure, 1898-, relating to searches shall, so far as they are applicable apply in
relation to searches under rules made under this clause;
(c) the procedure for adjudication of penalty;
(d) appeal and revision in the case of any order made under this Chapter, the manner in which and the time within which appeal may be preferred or application for revision may be made and the fees payable therefor;
(e) any other matter which is to be, or may be, provided for by rules under this Chapter.
SECTION 50: POWER TO MAKE REGULATIONS
(1) The Central Board of Excise and Customs consti- tuted undersection 3 of the Central Boards of Revenue Act, 1963-, may, by notification in the Official Gazette, make regulations6consistent with this chapter and the rules made there- under, generally to carry out the purposes of this Chapter.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for -
(a) the returns and other particulars and information which carriers shall furnish, the authorities to whom. And the intervals at which, such returns, particulars and information shall be furnished;
(b) supplemental matters arising out of any rule made by the Central Government under this chapter.
SECTION 51: RULES AND NOTIFICATIONS TO BE LAID BEFORE PARLIAMENT
Every rule made under this chapter and every notification issued undersection 46-shall be laid, as soon as may be after it is made or issued, before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, both Houses agree in making any modification in the rule or notification or both Houses agree that the rule should not be made or the notification should not be issued, the rule or notification shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or notification.
SECTION 52: AMENDMENT OF ACT 6 OF 1898
In theFirst Schedule to the Indian Post Office Act, 1898-, for the sub-heading "Parcels' and the entries thereunder, the following shall be substituted, namely:- . "Parcels For a weight not exceeding four hundred grams One rupee." For every four hundred grams or fraction thereof exceeding four hundred grams One rupee.
SECTION 53: AMENDMENT OF ACT 47 OF 1961
Inthe Deposit Insurance Corporation Act. 1961SECTION 54: HOUSING AND URBAN DEVELOPMENT FINANCE CORPORATION PRIVATE LTD. TO BE EXEMPT FOR A CERTAIN PERIOD FROM LIABILITY TO PAY INCOME-TAX AND SUR-TAX
- Notwith- standing anything contained in the Income-tax Act orthe Companies (Profits) Surtax Act, 1964-, the Housing and Urban development Finance Corporation Private Ltd., (7Government company as defined insection 617 of the Companies Act, 1956-) shall not be liable to pay any tax, under either of the two Acts first mentioned, on its income, profits or gains for the previous year relevant to the assessment year commencing on the 1st day of April, 1971 and for the fourteen previous years next following that previous year.
SECTION 55: REPEAL
Section 2-of the Financee Act, 1971 is hereby repealed and shall be deemeed never to have been enacted.
SCHEDULE 01:
(Seesection 2-) PART I INCOME-TAX AND SURCHARGES ON INCOME-TAX Paragraph A In the case of every individual or Hindu undivided family or unregistered firm or other association of persons or body of individuals, whether incorporated or not. or every artificial juridical person referred to in subclause (vii) of clause (31) ofsection 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 Nil: Rs. 5,000 (2) where the total income exceeds Rs. 5.000 10 per cent of the amount by which the total income but does not exceed Rs. 10.000 exceeds Rs, 5.000. (3) where the total income exceeds Rs. 10.000 Rs. 500 plus 17 per cent. of the amount by which but does not exceed Rs. 15.000 the total income exceeds Rupees 10.000: (4) where the total income exceeds Rs. 15.000 Rs. 1.350 plus 23 per cent. ofthe amount by which but does not exceed Rs. 20.000 the total income exceeds Rupees 15.000: (5) where the total income exceeds Rs. 20.000 Rs. 2.500 plus 30 per cent. of the amount by which but does not exceed Rs. 25.000 the total income exceeds Rupees 20.000: (6) where the total income exceeds Rs. 25.000 Rs. 4.000 plus 40 per cent. of the amount by which hut does not exceed Rs. 30.000 the total income exceeds Rupees 25.000: (7) where the total income exceeds Rs. 30.000 Rs. 6.000 plus 50 per cent. ofthe amount by which but does not exceed Rs. 40.000 , the total income exceeds rupees 30.000: (8) where the total income exceeds Rs. 40.000 Rs. 11.000 plus 60 per cent. of the amount by which but does not exceed Rs. 60.000 the total income exceeds Rupees 40.000: (9) where the total income exceeds Rs. 60.000 Rs. 23.000 plus 70 per cent of the amount by which but does not exceed Rs. 80.000 the total income exceeds Rupees 60.000: (10) where the total income exceeds Rs. 80.000 Rs. 37.000 plus 75 per cent of the amount by which but does not exceed Rs. 1.00.000 the total income exceeds Rupees 80.000. (11) where the total income exceeds Rs. 1.00.000 Rs. 52.000 plus 80 per cent of the amount by which but does not exceed Rs. 2,00.000 the total income exceeds Rupees 1.00.000: (12) where the total income exceeds Rs. 2.00.000 Rs 1.32.000 plus 85 percent of the amount by which the total income exceeds Rs. 2.00.000:
that for the purposes of this Paragraph, in the case of a Hindu undivided family which at any time during the previous year satisfies either of the following two conditions, namely :--- (a) that it has at least two members entitled to claim partition who arc not less than eighteen years of age. or (b) that it has at least two members entitled to claim partition who are not lineally descended one from the other and who are not lineally descended from any other living member of the family. (i) no income-tax shall be payable on a total income not exceeding Rs. 7.000: (ii) where the total income exceeds Rs. 7.000 but does not exceeds Rs. 7.660. the income-tax payable thereon shall not exceed forty per cent. of the amount by which the total income exceeds Rs. 7.000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent of such income-tax. Paragraph B In the case of every co-operative society.-
Rates of income-tax
(1) where the total income does not exceed 15 per cent of the total income: Rs. 10,000 (2) where the total inconic exceeds Rs. 10.000 Rs. 1,500 plus 25 per cent of the amount by which but docs not exceed Rs. 20.000 the total income exceeds Rupees 10.000: (3) where the total income exceeds Rs. 20.000 Rs. 4.000 plus 40 per cent of the amount by which the total income exceeds rupees 20.000: on income-tax The amount of income-tax computed at the rate hereinbefore specified shall he increased by a surcharge tor purposes of the Union calculated at the rate of ten per cent of such income-lax. Paragraph C In the case of every registered Firm.-
Rates of income-tax
(1) where the total income does not exceed Nil: Rs. 10.000 (2) where the total income exceeds Rs. 10.000 4 per cent of the amount by which the total income hut does not exceed Rs. 25.000 exceeds Rs. 10.000: (3) where the total income exceeds Rs. 25.000 Rs. 600 plus 6 per cent of the amount by which hut does not exceed Rs. 50.000 the total income exceeds Rupees 25.000: (4) where the total income exceeds Rs. 50.000 Rs. 2.100 plus 12 per cent. of the amount by which but does not exceed Rs. 1.00.000 the total income exceeds Rupees 50.000: (5) where the total income exceeds Rs. 1.00.000 Rs. 8,100 plus 20 per cent. of the amount by which the total income exceeds Rupees 1.00.000. on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be inereased by the aggregate of surcharges for purposes of the Union calculated as specified hereunder :--- (a) in the case of a registered firm whose total ineome ineludes income derived from a profession carried on by it and the income so included is not less than fifty-one per cent of such total income. a surcharge calculated at the rate of ten per cent. of the amount of income-tax computed at the rate hereinbefore
specified, (b) in the case of any other registered firm. a surcharge calculated at the rate of twenty per cent. of the amount of income-tax computed at the rate hereinbefore specified and (c) a special surcharge calculated at the rate of ten per cent on the aggregate of the following amounts. namely :-- (i) the amount of income-tax computed at the rate hereinbefore specified: and (ii) the amount of the surcharge calculated in accordance with clause (a), or, as the case may he. clause (b) of this subparagraph. Explanation.- - For the purposes of this Paragraph, registered firm' includes an unregistered firm assessed as a registered firm under cl. (b) ofsection 183 of the Income-tax Act-. Paragraph D In the
case of every local authority. --- Rate of incone-tax On the whole of the total income 50 per cent. Surchange on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent of such incometax. Paragraph E In the case of the Life insurance Corporation of India established underthe Life Insurance Corporation Act. 1956-- Rates of Income-tax (i) on that part of its total income withich 52.5 per cent.: consists of profits and gains from life insurance business (ii) on the balance, if any. of the total income the rate of income-tax applicable in accordance with Paragraph I- of this Part. to the total income of a domestic company which is a company in which the public are substantially interested. Paragraph F In the case of a company, other than the Life Insurance Corporation of India established underthe life Insurance Corporation Act. Rates of Income-tax
1. In the ease of a domestic company--- (1) where the company is a company in which the public are substantially interested.- (i) in a case where the total income does 45 per cent of the total income: not exceed Rs. 50.000 (ii) in a case where the total income exceeds 55 per cent. of the total income: Rs. 50.000 (2) where the company is not a company in which the public are substantially interested.-- (i) in the case of an industrial company- (a) on so much of the total income as does 55 per cent.; not exceed Rs. 10.00.000 (h) on the balance, if any of the total income 60 per cent.; (ii) In any other case 65 per cent. of the total income: that income-tax payable by a domestic company, being a company in which the public are substantially interested, the total income of which exceeds Rs. 50.000. shall not exceed the aggregate of - (a) the income-tax which would have been payable by the company if its total income had been Rs. 50.000 (the income of Rs 50.000 for this purpose being computed as if such income included income from various sources in the same proportion as the total income of the company): and (b) eighty per cent of the amount by which its total income exceeds Rs. 50.000. 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 an Indian concern in pursuance of an agreement made by it with the Indian concern after the 31st day of March. 1961. or (h) fees for rendering technical services received from an Indian concern in pursuance of an agreement made by it with the Indian concern after the 29th day of February. 1964. and where such agreement has. in either case. 50 per cent.: been approved by the Central Government (ii) on the balance, if any. of the total income 70 per cent.; PART II Rates for deduction of tax at source in certain cases In every case in which under the provisions ofsections 191-.194-.194A-and195 of the Income-ta.x Act-. tax is to he deducted at the rates in force, deduction shall he made from the income subject to deduction. at the following rates :-
______________________________________________________________________________________________________________________
Income-tax ____________________________________________________________ Rate of Rate of
income-lax surcharge
______________________________________________________________________________________________________________________
1. In the case of a person other than a company- (a) where the person is resident--- (i) on income by way of interest other than 10 per cent.: Nil: "Interest on securities" (ii) on any other income (excluding interest 20 per cent.; 3 per cent payable on a tax free security) (b) where the person is not resident in India-- (i) on the whole income (excluding Income-tax at 30 per cent. and surcharge at 4.5 interest payable on a lax free per cent. of' the amount of the income. security). or income-tax and surcharge on income-tax in respect of the income at the rates prescribed in Paragraph A of Part III of this Schedule if
such income had been the total income. whichever is higher: (ii) on the income by way of interest ' payable on a tax-free security 15 per cent. In the case of a company- (a) where the company is a domestic company-- (i) on income by way of interest other 20 per cent. Nil than "Interest on securites" (ii) on any other income (excluding 22 per cent. Nil interest payable on a tax-free security) (b) where the company is not a domestic company- (i) on the income by way of dividends payable by any domestic company 24.5 per cent. Nil (ii) on the income by way of royalties payable by an Indian concern in pursuance of an agreement made by ii with the Indian concern after the 31st day of March. 1961. and which has been approved by the Central Nil Government 50 per cent (iii) on the income by way of fees payable by an Indian concern lor rendering technical services in pursuance of an agreement made by it with the Indian concern after the 29th day of February. 1964. and which has been approved by the 50 per cent. Nil Central Government. (iv) on the income by way of interest payable on a tax-free security. 44 per cent. Nil (v) on any other income. 70 per cent. Nil
______________________________________________________________________________________________________________________
III Rates for calculating or charging income-tax in certain cases, deducting income-tax from income chargeable under the head "Salaries" or any payment referred to in sub-section (9) ofsection 80E-. and computing "advance tax", In cases in which income-lax has to he calculated under the first proviso to sub-see. (5) ofsection 132 of the Income-tax Act-or charged under sub-section (4) of section 172-or subsection (2) ofsection 174-orsection 175-or sub-section (2) ofsection 176-of the said Act or deducted undersection 192-of the said Act" from income chargeable under the head "Salaries" or deducted under
sub-section (9) ofsection 80F-. of the said Act from any payment refered to in the said sub-see. (9) or in which the "advance tax" payable under Chapter XVII-C of the said Act has to he computed, at the rate or rates in force, such income-tax or. as the case may be. "advance tax" (not being "advance tax" in respect of any income chargeable to tax undersection 164 of the Income-tax Act-at the rate of Sixly-five per cent.) shall be so calculated, charged, deducted or computed at the following rate or rates : ---
Paragraph A In the case of every individual or Hindu undivided family or unregistered firm or other 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) ofsection 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 Nil: Rs. 5.000 (2) where the total income exceeds Rs. 5.000 10 per cent of the amount by which the total income but does not exceed Rs. 10.000 exceeds Rs. 5.000 (3) where the total income exceeds Rs. 10.000 Rs. 500 plus 17 per cent. of the amount by which but docs not exceed Rs. 15.000 the total income exceeds Rupees 10.000; (4) where the total income exceeds Rs. 15.000 Rs. 1.350 plus 23 per cent. ofthe amount by which but does not exceed Rs. 20.000 the total income exceeds Rupees 15.000. (5) where the total income exceeds Rs. 20.000 Rs. 2.500 plus 30 per cent. of the amount by which but does not exceed Rs. 25.000 the total income exceeds Rupees 20.000: (6) where the total income exceeds Rs. 25.000 Rs. 4,000 plus 40 per cent. of the amount by which but does not exceed Rs. 30.000 the total income exceeds Rupees 25.000: (7) where the total income exceeds Rs. 30.000 Rs. 6.000 plus 50 per cent. of the amount by which but does not exceed Rs. 40.000 the total income exceeds Rupees 30.000: (8) where the total income exceeds Rs. 40.000 Rs. 11.000 plus 60 per cent ofthe amount by which but docs not exceed Rs. 60.000 the total income exceeds Rupees 40.000: (9) where the total income exceeds Rs. 60.000 Rs. 23.000 plus 70 per cent. of the amount by which but does not exceed Rs. 80.000 the total income exceeds Rupees 60.000: (10) where the total income exceeds Rs. 80,000 Rs. 37.000 plus 75 per cent. ofthe amount by which but does not exceed Rs. 1.00.000 the total income exceeds Rupees UO.OOO: (11) where the total income exceeds Rs 1.00.000 Rs. 52.000 plus 80 per cent. ofthe amount by which but docs not exceed Rs. 2.00.000 the total income exceeds Rupees 1.00.000: (12) where the tolal income exceeds Rs. 2.00.000 Rs. 1.32.000 plus 85 per ceni. of the amount by which the tolal income exceeds Rs. 2.00.000:
that for the purposes of this Paragraph, in the case of a Hindu undivided family which at any time during the previous year relevant to the .assessment year commencing on the 1st day of April. 1972 satisfies either of the following two conditions, namely :-- (a) that it has at least two members entitled to claim partition who arc not less than eighteen years of age. or (b) that it has at least two members entitled to claim partition who are not lineally descended one from the other and who are not lineally descended from any other living member of the family. (i) no income-tax shall be payable on a total income not exceeding Rs. 7.000; (ii) where the total income exceeds Rs. 7,000 but does not exceed Rs. 7,660. the income-tax payable thereon shall not exceed forty per cent. of the amount by which the total income exceeds Rs. 7,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge for purposes of the Union calculated at the following rates, namely :-- (a) in a case where the total income does not exceed Rs. 15.000 10 per cent. (b) in any other case 15 Per cent. Provided that the amount of surcharge payable shall, in no case, exceed the aggregate of the following sums. namely.-- (i) an amount calculated at the rate of 10 per cent on the amount of income-tax on an income of Rs. 15,000. if such income had been the total income (the income of Rs. 15.000 for this purpose being computed as if such income included income from various sources in the same proportion as the total income of the person concerned): and (ii) 40 per cent. of the amount by which the total income exceeds Rs. 15.000. Paragraph B In the case of every co-operative society.- Rates of income-tax 1. where the total income does not exceed 15 per cent.
of the total income, Rs. 10.000 2. where the total income exceeds Rs. 10.000 Rs. 1.500 plus 25 per cent. of the amount by which but docs not exceed Rs. 20.000 the total income exceeds Rupees 10,000: 3. where the total income exceeds Rs. 20.000 Rs. 4.000 plus 40 per cent. of the amount by which the total income exceeds Rupees 20,000: Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by a surcharge ' for purposes of the Union calculated at the rate of fifteen per cent. of such income-tax. Paragraph C In the case of every registered firm.-- Rates of income-tax (1) where the total income does not exceed Nil Rs. 10,000 (2) where the total income exceeds Rs. 10.000 4 per cent. of the amount by which the total income but does not exceeds Rs. 25,000 exceeds Rs. 10,000: (3)where the total income exceeds Rs. 25.000 Rs. 600 plus 6 per cent. of the by which but does not exceed Rs. 50.000 the total income exceeds Rupees 25.000: (4)where the total income exceeds Rs 50,000 Rs. 2,100 plus 12 per cent. of the amount by which but does not exceeds Rs. 1,00,000 the total income exceeds Rupees 50.000: (5)where the total income exceeds Rs. 1.00.000 Rs.
8,100 plus 20 per cent. of the amount by which the total income exceeds Rupees 1,00,000. Surcharges on income-tax The amount of income-lax computed at the rate hereinbefore specified shall be increased by the aggregate of surcharges for purposes of the Union calculated as specified hereunder:-- (a) in the case of a registered firm whose total income includes income derived from a profession carried on by it and the income so included 'is not less than fifty-one per cent. of such total income. a surcharge calculated at the rate of ten per cent. of the amount of income-tax computed at the rate hereinbefore specified, (b) in the case of any other registered firm a surcharge calculated at the rate of twenty per cent. of the amount of income-tax computed at the rate hereinbefore specified; and (c) a special surcharge calculated at the rate of fifteen per cent. on the aggregate of the following amounts, namely- (i) the amount of income-tax computed at the rate hereinbefore specified; and (ii) the amount of the surcharge calculated in accordance with clause (a), or. as the case may he, clause (h) of this subparagraph. Explanation --- For the pu
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