1. For Individual (other then Individuals being resident of India and above 60 years of age), Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person:
| i | where the total income does not exceed Rs. 2,00,000 | Nil; |
| ii | where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 | 10 per cent. of the amount by which the total income exceeds Rs. 2,00,000; |
| iii | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | Rs. 30,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; |
| iv | where the total income exceeds Rs. 10,00,000 | Rs. 1,30,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. |
2. In the case of every individual, being a resident in India, who is of the age of sixty years or more but less then eighty years at any time during the previous year,—
| i | where the total income does not exceed Rs. 2,50,000 | Nil; |
| ii | where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 | 10 per cent. of the amount by which the total income exceeds Rs. 2,50,000; |
| iii | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | Rs. 25,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; |
| iv | where the total income exceeds Rs. 10,00,000 | Rs. 1,25,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. |
3. 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, —
| i | where the total income does not exceed Rs. 5,00,000 | Nil; |
| ii | where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; |
| iii | where the total income exceeds Rs. 10,00,000 | Rs. 1,00,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. |
4. In the case of every co-operative society, —
| i | where the total income does not exceed Rs. 10,000 | 10 per cent. of the total income; |
| i | 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; |
| iii | 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. |
5. In the case of every firm,—
i | On the whole of the total income | 30 per cent. |
6. In the case of a company,—
| 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; (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 five 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 per cent. of such income-tax:
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.
