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FINANCE ACT, 1982
14 of 1982
11th May, 1982
An Act to give effect to the financial proposals of the Central Government for the financial year 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, and Section 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 assessee has, in the previous year, any net agricultural income exceeding six hundred rupees in addition to total income, and the total income exceeds-
(i) in a case to which they said sub-paragraph I applies, fifteen thousand rupees, and
(ii) in a case to which they said sub-paragraph II applies, twelve thousand rupees, then,---
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) (that is to say, as if the net agricultural income were comprised in the total income after,----
(i) in a case to which they said sub-paragraph I applies, the first fifteen thousand rupees, and
(ii) in a case to which they said sub-paragraph II applies, the First eight thousand rupees, of the total income but without being liable to tax. only for the purpose of charging income- tax in respect of the total income: and
(b) the income-tax chargeable shall be calculated as follows:-
(i) The total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in sub-paragraph I or as the case may be sub-paragraph II of the said Paragraph A. as if such aggregate income were the total income: Provided that in a case referred to in the said sub-para II. for the purpose of determining the amount of income-tax in accordance with this sub-clause, the provisions of Clause (ii) of the proviso below sub-paragraph II and the provisions relating to surcharge on income- tax in the said sub-paragraph II shall not apply:
(ii) the net agricultural income shall be increased.-
(A) in a case to which they said sub-paragraph I applies, by a sum of fifteen thousand rupees; and
(B) in a case to which they said sub-paragraph II applies, by a sum of cight thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in sub-paragraph I or. as the case may be, sub-paragraph II of the said Paragraph A. as if the net agricultural income as so increased were the total income: Provided that in a case referred to in the said sub-paragraph II. for the purposes of determining the amount of income-tax in accordance with this sub-clause, the provisions of Clause (ii) of the proviso below the said sub-paragraph II and the provisions relating to surcharge on income-lax in the said sub-paragraph II shall not apply:
(iii) The amount of income-tax determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax determined in accordance with sub-clause (ii): Provided that in a case referred to in the said sub-paragraph II, where the sum so arrived at exceeds sixty percent. of the amount by which the total income exceeds twelve thousand rupees, the excess shall be disregarded:
(iv) The amount of income-tax determined in accordance with sub-clause (iii) shall be increased by a surcharge for purposes of the Union calculated at the rate of ten percent of such income- tax 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 12 orSection 164-orSection 164-A-orSection 167-A of the Income-tax Act, 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-.194-A194-B-.194-BB194-D-and195 of the Income-tax Act-at the rates in force. the deduction shall be made at the rates specified in Para. 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-orSection 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) of section 80-E-of the said Act from any payment referred to in the said sub-section (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 cases to which the provisions of Chapter XII or Section 164-orSection 164-A-orSection 167-A of the Income-tax Act-apply, "advance tax" shall be completed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be.
(6) In the cases to which sub-paragraph I or sub-paragraph II of Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year 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 net agricultural income exceeding six hundred rupees, in addition to total income and the total income exceeds."-
(i) in a case to which the said sub-paragraph I applies. Fifteen thousand rupees, and
(ii) in a case to which the said sub-paragraph II applies, twelve thousand rupees, then. in calculating income-tax under the First proviso to sub-section (5) of section 132 of the Income-tax Act-or in charging income-tax under sub-section (2) of section 174-orSection 175-or sub-section (2) of section 176-of the said Act or in computing the "advance tax" payable under Chapter XVII-C of the said Act, at the rate or rates in force,-
(a) the net agricultural income shall be taken into account, in the manner provided in Clause (b) (that is to say. as if the net agricultural income were comprised in the total income after. -
(i) in a case to which the said sub-paragraph I applies, the First fifteen thousand rupees. and
(ii) in a case to which they said sub-paragraph II applies, the first eight thousand rupees, of the total income but without being liable to tax), only for the purpose of calculating, charging or computing such income-tax or. as the case may be. "advance tax" in respect of the total income, and
(b) Such income-tax or, as the case may be. "advance tax" shall be so calculated, charged or computed as follows:-
(i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or "advance tax" shall be determined in respect of the aggregate income at the rates specified in sub-paragraph I or, as the case may be, sub-paragraph II of the said Paragraph A. as if such aggregate income were the total income: Provided that in a case referred to in the said sub-paragraph II. for the purposes of determining the amount of income-tax or "advance tax" in accordance with this sub-clause, the provisions of Cl. (ii) of the proviso below the said sub-paragraph II and the provisions relating to surcharge on income-tax in the said sub-paragraph II shall not apply;
(ii) the net agricultural income shall be increased,-
(A) in a case to which the said sub-paragraph I applies, by a sum of Fifteen thousand rupees: and
(B) in a case to which the said sub-paragraph II applies, by a sum of eight thousand rupees. and the amount of income-tax or "advance tax" shall be determined in respect of the net agricultural income as so increased at the rates specified in the said sub-paragraph I or, as the case may be. the said sub-paragraph II, as if the net agricultural income as so increased were the total income: Provided that in a case referred to in the said sub-paragraph II. for the purposes of determining the amount of income-tax or "advance tax" in accordance with this sub-clause, the provisions of Clause (ii) of the proviso below the said sub-paragraph II and the provisions relating to surcharge on income-tax in the said sub-paragraph II shall not apply;
(iii) the amount of income-tax or "advance tax" determined in accordance with sub- clauses (i) shall be reduced by the amount of income-tax or. as the case may be, "advance lax" determined in accordance with sub-clause (ii): Provided that in a case referred to in the said sub-paragraph II. where the sum so arrived at exceeds sixty percent. of the amount by which the total income exceeds twelve thousand rupees, the excess shall be disregarded,
(iv) the amount of income-tax or "advance lax" determined in accordance with sub- clause (iii) shall be increased by a surcharge for purposes of the Union calculated at the rate of ten percent. of such income-tax or. as the case may be. "advance tax" and the sum so arrived at shall be the income-tax or. as the case may be, "advance tax" in respect of the total income.
(7) For the purposes of this 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 in Section 108 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-tax under the Income-Tax Act for the assessment year commencing on the 1st day of April, 1982, 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 ofS. 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. Explanation.- 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 that fifty-one percent. of such total income:
(d) "insurance commission" means any remuneration or reward, whether by way of commission or otherwise. for soliciting or procuring insurance business (including business relating to the continuance. renewal or revival of policies of insurance):
(e) "net agricultural income", in relation to a person means the total amount of agri- cultural income. from whatever source derived, of that person computed in accordance with the rules contained in Part IV of the First Schedule,
(f) "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:
(g) all other words and expressions used in this section or in 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: 3-32
Amendments incorporated in the Income-tax Act.
SECTION 33: 33-37
Amendments incorporated in the Wealth-tax Act. 1957.
SECTION 38: 38-39
Amendments incorporated in the Principal Act.
SECTION 40: AMENDMENT OF ACT 45 OF 1974
- Incorporated in the Principal Act.
SECTION 41: 41-42
- Amendments incorporated in the Hotel-Receipts Tax Act. 1980.
SECTION 43:
Amendment Incorporated in the Customs Act.
SECTION 44: AUXILIARY DUTIES OF CUSTOMS
(1) In the case of goods mentioned in the First Schedule to the Customs Tariff Act, or in that Schedule as amended from time to time, there shall be levied and collected as an auxiliary duty of customs an amount equal to twenty five percent. of the value of goods as determined in accordance with the provisions of section 14 of the Customs Act, 1962-(hereinafter referred to as the Customs Act).
(2) Sub-section (1) shall cease to have effect after the 31st day of March. 1983, except as respects things done or omitted to be done before such cesser and Section 6 of the General Clauses Act, 1897. shall apply upon such cesser as if the said sub-section had then been replaced by a Central Act.
(3) The auxiliary duties of customs referred to in sub-section (1) shall be in addition to any duties of customs chargeable on such goods under the Customs Act, or any other law for the time being in force.
(4) The provisions of the Customs Act, and the rules and regulations made there under, including those relating to refunds and exemptions from duties, shall, as far as may be, apply in relation to the levy and collection of the auxiliary duties of customs leviable under this section in respect of any goods as they apply in relation to the levy and collection of the duties of customs on such goods under that Act or those rules and regulations, as the case may be.
SECTION 45:
Amendment incorporated in the Customs Act. 1962-
SECTION 46: 46-49
- Amendments incorporated in the Central Excises and Salt Act. 1944.
SECTION 50: SPECIAL DUTIES OF EXCISE
(1) In the case of goods chargeable with a duly of excise under the Central Excises Act as amended from time to time, read with any notification for the time being in force issued by the Central Government in relation to the duty so chargeable. there shall be levied and collected a special duty of excise equal to ten percent. of the amount so chargeable on such goods.
(2) Sub-section (1) shall cease to have effect after the 3lsl day of March. 1983 except as respects things done or omitted to be done before such cesser: and Section 6 of the General Clauses Act, 1897-. shall apply upon such cesser as if the said sub-section had then been replaced by a Central Act.
(3) The special duties of excise referred to in sub-section (1) shall be in addition to any duties of excise chargeable on such goods under the Central Excises Act or any other law for the time being in force.
(4) The provisions of the Central Excises Act and the rules made thereunder including those relating to refunds and exemptions from duties, shall as far as may be. apply in relation to the levy and collection of the special duties of excise leviable under this section in respect of any goods as they apply in relation to the levy and collection of the duties of excise on such goods under that Act or those rules, as the case may be.
SECTION 51: RCTROSPECTIVE EFFECT FOR CERTAIN AMENDMENTS TO CENTRAL EXCISE RULES ANDVALIDATION
(1) The made in Rules 9-and49 of the Central Excise Rules, 1944-, by the notification of the Government of India in the Ministry of Finance Department of Revenue) No. G.S.R. 74 (E) dated the 20th day of Feb., 1982. shall be deemed to have, and to have always had. effect on and from the date on which the Central Excise Rules, 1944-came into force.
(2) Any action or thing taken or done or purporting to have been taken or done before the 20th day of Feb., 1982 under the Central Excises Act, 1944-andthe Central Excise Rules, 1944-shall be deemed to be and to have always been for all purposes, as validly and effectively taken or done as if the amendments referred to in sub-section (1) had been in force at all material times and accordingly, notwithstanding anything contained in any judgment, decree or order of any court. Tribunal or other authority.-
(a) all duties of excise levied, assessed or collected or purporting to have been levied, assessed or collected before the 20th day of Feb., 1982 on any excisable goods Under the Central Excises Act. shall be deemed to be. and shall be deemed to have always been, as validly levied, assessed or collected as if the amendments referred to in sub- section (1) had been in force at all material times.
(b) no suit or other proceeding shall be maintained or continued in any Court for the refund of and no enforcement shall be made by any Court of any decree or order directing the refund of. any such duties of excise which have been collected and which would have been validly collected if the amendments referred to in sub-section (1) had been in force at all material times:
(c) refund shall be made of all such duties of excise which have been collected but which would not have been so collected if the amendments referred to in sub-section (1) had been in force at all material times,
(d) recovery shall be made of all such duties of excise which have not been collected or, as the case may be. which have been refunded but which would have been collected or, as the case may be. would not have been refunded, if the amendments referred to in sub-section (1) had been in force at all material times.
Explanation.- For the removal of doubts, it is hereby declared that no act or omission on the pan of any person shall be punishable as an offence which would not have been so punishable if this section had not come into force.
SECTION 52: PROVISIONS AS TO DUTIES OF EXCISE ON MATCHES IN RELATION TO A CERTAIN PERIODAND VALIDATION
(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) No. G.S.R. (E) dated the 23rd day of Feb.. 1982. which was issued in exercise of the powers conferred by sub-rule (1) of Rule 8 of the Central Excise Rules, 1944-to provide for certain exemptions from duly in relation to matches shall. subject to the modifications specified in the fourth Schedule-
(a) be deemed to have. and to have always had. effect on and from the 19th day of June, 1980; and
(b) be deemed to prevail, and to have always prevailed, over all notifications issued on or after the 19th day of June. 1980 but before the 23rd day of Feb., 1982 under sub- rule (1) of the said Rule 8-in relation to matches.
Explanation. - For the purposes of this section. "matches" means matches falling under Item No. 38 of the First Schedule to the Central Excises Act.
(2) Any action or thing taken or done or purported to have been taken or done on or after the 19th day of June. 1980 and before the 23rd day of Feb.. 1982 in relation to matches. Under the Central Excises Act, 1944-andthe Central Excise Rules, 1944-. read with notification referred in clause (b) of sub-section (1). shall be deemed to be. and to have always been, for all purposes as validly and effectively taken or done as if the provisions of sub-sec. (1) had been in force at all material times and such action or thing had been taken or done under the Central Excises Act, 1944-andthe Central Excise Rules 1944-. read with the notification dated the 23rd day of Feb., 1982, referred to in sub-section (1). and. accordingly, notwithstanding anything contained in any judgment, decree or order of any Court. Tribunal or other authority,
(a) all duties of excise levied, assessed or collected or purporting to have been levied, assessed or collected on or after the 19th day of June. 1980 and before the 23rd day of Feb., 1982 on matches. shall be deemed to be. and shall be deemed, to have always been, as validly levied, assessed or collected as if the provisions of this section had been in force at all material times:
(b) no suit or other proceeding shall be maintained or continued in any court for the refund of, and no enforcement shall be made by any Court of any decree or order directing the refund of, any such duties of excise which have been collected and which would have been validly collected if the provisions of this section had been in force at all material times;
(c) refund shall be made of all such duties of excise which have been collected but which would not have been so collected if the provisions of this section had been in force at all material times:
(d) recovery shall be made of all such duties of excise which have not been collected or, as the case may be which have been refunded but which would have been collected or, as the case may be would not have been refunded, if the provisions of this section had been in force at all material times.
Explanation.- For the removal of doubts. it is hereby declared that no act or omission on the part of any person shall be punishable as an offence which would not have been so punishable if this section had not come into force.
SECTION 53: AMENDMENT OF ACT 16 OF 1955
- [Incorporated in the Principal Act]
SECTION 54: AMENDMENT OF ACT 6 OF 1898
-- [ Incorporated in the Principal Act]
SECTION 55: AMENDMENT OF ACT 47 OF 1961
- [Incorporated in the Principal Act]
SECTION 56: AMENDMENT OF ACT 52 OF 1963
- [Incorporated in the Principal Act]
SECTION 57: BANK OF BHUTAN TO BE EXEMPT FROM LIABILITY TO PAY INCOME-TAX ON CERTAININCOME
- Notwithstanding anything contained in the Income-tax Act the Bank of Bhutan constituted under the Royal Charter of the Bank of Bhutan 1968, shall not be liable to pay any income-tax on the interest accruing during the period commencing on the 1st day of Jan., 1972 and ending with the 31st day of Dec., 1986, on the deposits made by that bank with the State Bank of India constituted under the State Bank of India Act. 1955
SCHEDULE FIRST SCHEDULE
(See section 2-)PART I INCOME-TAX AND SURCHARGE ON INCOMK-TAX Paragraph A Sub-Paragraph I 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 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 not exceed Nil: Rs. 15,000 (2) where the total income exceeds Rs. 15.000 30 percent. of the amount by which the total income but does not exceed Rs. 25,000 exceeds Rs. 15.000. (3) where the total income exceeds Rs. 25.000 Rs. 3.000 plus 34 percent. of the amount by which but does not exceed Rs.30.000 the total income exceeds Rupees 25,000'. (4) where the total income exceeds Rs. 30.000 Rs. 3.000 plus 34 percent. of the amount by which but does not exceed Rs. 50.000 the total income exceeds Rupees 30.000: (5) where the total income exceeds Rs. 50.000 Rs. 12,700 plus 50 percent. of the amount by which but does not exceed Rs. 70.000 the total income exceeds Rupees 50,000; (6) where the total income exceeds Rs. 70.000 Rs. 22,700 plus 5 percent. of the amount by which but does not exceed Rs. 1.00,000 the total income exceeds Rupees 70,000; (7) where the total income exceeds Rs. 1.00.000 Rs. 39.200 plus 60 percent. of the amount by which the total income exceeds Rupees 1.00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten percent. of such income-tax. Sub-Paragraph II In the case of every Hindu undivided family which at any time during the previous year has at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of April. 1982 exceeds Rs. 15.000,--- Rates of income-tax. (1) where the total income does not exceed Nil; Rs. 8,000 (2) where the total income exceeds Rs. 8.000 22 percent. of the amount by which the total income but does not exceed Rs. 15.000 exceeds Rs. 8,000: (3) where the total income exceeds Rs. 15,000 Rs. 1.540 plus 27 percent. of the amount by which but does not exceed Rs. 20.000 the total income exceeds Rupees 15,000; (4) where the total income exceeds Rs. 20.000 Rs. 2,890 plus 35 percent. of the amount by which but does not exceed Rs. 25.000 the total income exceeds Rupees 20,000; (5) where the total income exceeds Rs. 25,000 Rs. 4.640 plus 40 percent. of the amount by which but does not exceed Rs. 30.000 the total income exceeds Rupees 25,000; (6) where the total income exceeds Rs. 30,000 Rs. 6,640 plus 50 percent. of the amount by which but does not exceed Rs. 50.000 the total income exceeds Rupees 30,000; (7) where the total income exceeds Rs. 50.000 Rs. 16.640 plus 60 percent. of the amount by which the total income exceeds Rupees 50,000. Provided that for the purposes of the Sub-Paragraph.--- (i) no income-tax shall be payable on a total income not exceeding Rs. 12.000: (ii) where the total income exceeds Rs. 12.000 but does not exceed Rs. 17.610, the income-tax payable thereon shall not exceed forty percent. of the amount by which the total income exceeds Rs. 12.000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the union calculated at the rate of ten percent. 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 percent of the total income; Rs. 10,000 (2) where the total income exceeds Rs. 10.000 Rs. 1.500 plus 25 percent of the amount by which but does 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 percent of the amount by which the total income exceeds Rupees. 20.000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this paragraph shall he increased by a surcharge for purposes of the Union calculated at the rate of ten percent. of such income-tax Paragraph C sub-Paragraph I In the case of every registered firm not being a case to which sub-paragraph II of this Paragraph applies.--- 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 5 percent. of the amount by which the total income but does not exceed Rs. 25.000 exceeds Rs. 10.1)01). (3) where the total income exceeds Rs. 25.000 Rs. 750 plus 7 percent. of the amount 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. 2.500 plus 15 percent. of the amount hy 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. 10.000 plus 24 percent. of the amount by which the total income exceeds Rupees 1.00.000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate often percent. of such income-tax. Sub-Paragraph II In the case of every 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 percent. of such total income,- 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 percent. of the amount by which the total income but does not exceed Rs. 25.000 exceeds Rs. 10,000: (3) where the total income exceeds Rs. 25.000 Rs. 600 plus 7 percent. of the amount 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. 2.350 plus 13 percent. 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. 8,850 plus 22 percent. of the amount by which the total income exceeds Rupees 1,00.000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten percent. of such income-tax. Explanation. -- For the purposes of this Paragraph. "registered firm" includes an unregistered firm assessed as a registered firm under clause (b) of section 183 of the Income-tax Act-. Paragraph D In the case of every local authority, - Rate of income-tax On the whole of the total income 50 percent, 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 ten percent. of such income-tax. In the case of a company. Paragraph E Rates of income-tax 1. In the case 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 percent. of the total income: not exceed Rs. 1,00.000 (ii) ill a case where the total income 55 percent, of the total income-, exceeds Rs. 1.00.000 ' (2) where the company is not a company in which the public are substantially interested,-- (i) in the case of an industrial company.-- (a) where the total income does not 55 percent. of the total income: exceed Rs. 2.00.000 (b) where the total income exceeds 60 percent. of the total income: Rs. 2.00.000 (ii) in any other case 65 percent. of the total income: Provided that - (i) the income-tax payable by a domestic company, being a company in which the public are substantially interested, the total income of which exceeds Rs. 1.00.000. shall not exceed the aggregate of - (a) the income-lax which would have been payable by the company if its total income had been Rs. 1.00.000 (the income of Rs. 1.00.000 for this purposes being computed as it such income included income from various sources in the same proportion as the total income of the company): and (b) eight percent. of the amount by which its total income exceeds Rupees 1.00.000; (ii) the income-tax payable by a domestic company, not' being a company in which the public are substantially interested, which is an industrial company and the total income of which exceeds Rs. 2.00.000. 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. 2.00.000 (the income of Rs. 2.00,000 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 percent of the amount by which its total income exceeds Rupees 2.00.000. II. In the case of a company other than a domestic company.-- (i) on so much of the total income us 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 but before the 1st day of April, 1976, or (b) 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 but before the 4st day of April. 1976. and where such agreement has. in either 50 percent.; case, been approved by the Central Government (ii) on the balance. if any, of the total income 70 percent. 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 calculated at the rate of two and a half percent of such income-tax. PART II Rates of deduction of tax at source in certain cases In every case in which under the provisions of sections 193-.194194B-.194BBIn the case of a person other than a company-- (a) where the person is resident in India-- (i) on income by way of interest other 10 percent. Nil; than "Interest on securities" (ii) on income hy way of winnings from 30 percent. 3 percent.; lotteries and crossword puzzles (iii) on income hy way of winnings from 30 percent. 3 percent.; horse races (iv) on income by way of insurance 10 percent. Nil; commission (v) on income by way of interest payable on - (A) any security, other than a tax- 10 percent. Nil, free security, of the Central or a State Government'. (B) any debenture or other securities for money issued by or on behalf of any local authority or a corporation established by a Central. State or Provincial Act. (C) any debentures issued by a company where such debentures are listed in a recognized stock exchange in India in accordance with the Securities Contracts (Regulation) Act. 1956 and any rules made there under. (vi) on any other income (excluding 20 percent. 2 percent., interest 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 percent. and interest payable on tax-free security surcharge at 3 percent. of the income. or income-tax and surcharge on income in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher; (ii) on income by way of interest payable 15 percent. 1.5 percent; on a tax-free security 2. In the case of a company"- (a) where the company is a domestic company - (i) on income by way of interest other 20 percent. 0.5 percent; than "Interest on securities" (ii) on any other income (excluding 21.5 percent. 0.5 percent; interest payable on a tax-free security) (b) where the company is not a domestic company-- (i) on income by way of dividends 25 percent. Nil; payable by any domestic company (ii) on income by way of royally payable 40 percent. Nil; by an Indian concern in pursuance of an agreement made by it with the Indian concern after the 31st day of March. 1976, where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any hook on a subject referred to in the proviso to sub- section (IA) of Section 115A of the Income-tax Act, to the Indian concern (iii) on income by way of royally (not being royalty of the nature referred to in sub-item. (b) (ii) payable by an Indian concern it. pursuance of an agreement made by it with the Indian concern and which has been approved by the Central Government-- 50 percent. 1.25 percent.; (A) where the agreement is made after the 31st day of March. 1961 but before the 1st of April, 1976 20 percent. Nil; (b) where the agreement is made after the 31st day of March, 1976- (1) on so much of the amount of such income as consists of lump sum consideration for the transfer outside India of, or the impart of information outside India in respect of any data, documentation, drawing or specification relating to any patent, invention model, design, secret formula or process, or trade mark or similar properly (2) on the balance, if any, of 40 percent. Nil; such income (iv) on income by way of fees for technical services payable by an Indian concern in pursuance of an agreement made by it with the Indian concern and which has been approved by the Central Government--- (A) where the agreement is made 50 percent. 1.25 percent.; after the 29th day of February, 1964 but before the 1st day of April. 1976 (B) where the agreement is made 40 percent. Nil; after the 31st day of March. 1976-- (v) on income by way of interest payable 44 percent. 1.1 percent.; on a tax-free security (vi) on any other income 70 percent. 1.75 percent.; PART 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) of section 80E-and computing "advance tax". 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-of section 175-or sub-section (2) of section 176-of the said Act or deducted under section 192-of the said Act form income chargeable under the head "Salaries" or deducted under sub-section 99) of section 80E-of the said Act from any payment referred to in the said sub-sec (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" (not being "advance tax" in respect of any income chargeable to tax under Chapter XII or section 164-orSection 164A-orSection 167A of the Income-tax Act-at the rates as specified in that Chapter or section) shall be so calculated. charged deducted or computed at the following rate or rates:--- Paragraph A Sub-Paragraph I 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 cl. (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 not exceed Rs. 15.000 30 percent. of the amount by which the total income exceeds Rs. 15.000. (2) where the total income exceeds Rs. 15.000 but does not exceed Rs. 25.000 Rs. 3.000 plus 34 percent. of the amount by which the total income exceeds Rupees 25.000: (3) where the total income exceeds Rs. 25.000 but does not exceed Rs. 30.000 Rs. 4.700 plus 40 percent. of the amount by which the total income exceeds Rupees 30,000; (4) where the total income exceeds Rs. 30.000 but does not exceed Rs. 50,000 Rs. 12.700 plus 50 percent. of the amount by which the total income exceeds Rupees 50,000: (5) where the total income exceeds Rs. 50.000 but does not exceed Rs. 60,000 Rs 17.700 plus 52.5 percent. of the amount by which the total incoine exceeds Rupees 60.000: (6) where the total income exceeds. Rs. 60.000 but does not exceed Rs. 70.000 Rs.22.950 plus 55 percent. of the amount by which the total income exceeds Rupees 70,000, (7) where the total income exceeds Rs. 70.000 but does not exceed Rs. 85.000 Rs. 31.200 plus 57.5 percent. of the amount by which the total income exceeds Rupees 85,000; (8) where the total income exceeds. 85.000 but does not exceed Rs. 1.00.000 Rs. 39.825 plus 60 percent. of the amount by which the total income exceeds Rupees 1.00,000. (9) where the total income exceeds Rs. 1.00.000 Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this sub-paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten percent. of such income-tax. Sub-Paragraph II In the case of every Hindu undivided family which at any time during the previous year has at least one member whose total income of the previous year relevant to the axsessment year commencing on the 1st day of Aprill, 1983 exceeds Rs. 15.000. Rates of income-tax (1) where the total income
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