Telecom Regulatory Authority of India Act,1997
Act No : 24
Section :
THE FIRST SCHEDULE(See section 2)PART IINCOME-TAX
90. Amendment of Act 52 of 1963. In the Unit Trust of India Act, 1963, in section 32, sub- section (3) shall be omitted with effect from the 1st day of June 1997. THE FIRST SCHEDULE (See section 2) PART I INCOME-TAX Paragraph A In the case of every individual 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. 40,000 Nil; (2) Where the total income exceeds 15 per sent. of the Rs. 40,000 but does not exceed amount by which the Rs. 60,000 total income exceed Rs. 40,000; (3) Where the total income exceeds Rs. 3,000 plus 30 per Rs.60,000 but does not exceed cent. of the amount Rs. 1,20,000 by which the total income exceeds Rs.60,000; (4) Where the total income Rs. 21,000 plus 40 exceeds Rs. 1,20,000 per cent. of the amount by which the total income exceeds Rs, 1,20,000. Paragraph B In the case of every co-operative society,- Rates of income-tax (1) Where the total income not exceed Rs. 10,000 10 per cent. of the total income; (2) where the total income exceeds Rs. 1,000 plus 20 Rs. 10,000 but does not exceed per cent. of the Rs. 20,000 amount by which the total income exceeds Rs. 10,000; (3) where the total income exceeds Rs.20,000 Rs. 3,000 plus 35 per cent. of the amount b 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 40 per cent. 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,- 40 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 percent.; (ii) on the balance, if any, of the total income 55 percent. Surcharge on income-tax The amount of income-tax computed in accordance with the provisions of this Paragraph or section 112 and 113 of the Income-tax Act, shall, in the case of every domestic company having a total income exceeding seventy-five thousand rupees, be increased by a surcharge calculated at the rate of seven-and-a-half per cent. of such income-tax.
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