Rates of income-tax AY 2009-10

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. 1,50,000		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	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 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