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, andSection 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 asscssee has, in the previous year, any net agricultural income exceeding six hundred rupees in addition to total income, and the tolal 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,---
(a) the net agricultural income shall be taken inlo 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 the said sub-paragraph II applies, the First cight 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 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 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 per cent. 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 per cent. 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 chargcable shall be determined as provided in that Chapter or that section. and with reference to the rates imposed by sub-seclion (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 underSections 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 lhe 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) ofSection 132 of the 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 80-E-of the said Act from any patment 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 orSection 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) ofSection 132 of the Income-tax Act-or in charging income-tax under sub-section (2) ofSection 174-orSection 175-or sub-section (2) ofSection 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 the said sub-paragraph II applies, the first cight 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 incomec-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 per cent. 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 per cent. 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 inSection 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 fifly-one per cent. 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 agriclultural 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 securily 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 definded 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 per cent. of the value of goods as determined in accordance with the provisions ofSection 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: andSection 6 of the General Clauses Act, 1897-. shall apply upon such cesser as if the said sub-section had then been repcaled 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 charagcable 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 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 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 per cent. 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: andSection 6 of the General Clauses Act, 1897-. shall apply upon such cesser as if the said sub-section had then been repcaled 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 inRules 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 whichthe 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 underthe 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 nofification 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) ofRule 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 saidRule 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. underthe 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 cffectively 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 underthe 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, notwith-standing 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 redund 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 theState Bank of India Act. 1955
SCHEDULE FIRST SCHEDULE
(Seesection 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) ofsection 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 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 income exceeds Rs. 10.000 Rs. 1.500 plus 25 per cent. of the amount hy 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 per cent. of the amount hy 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 fifly-one per cent. of such total income,- Rates of income-tax (1) where the total income does not exceed Nil: Rs. 10.000 (2) where the lolal income exceeds Rs. 10.000 4 per cent. 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 per cent. 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 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. 8,850 plus 22 per cent. 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 per cent. 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) ofsection 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 per cent, 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 per cent. 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 interesled.--- (i) in a case where the total income does 45 per cent. 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 per cent. of the total income: exceed Rs. 2.00.000 (b) where the total income exceeds 60 per cent. of the total income: Rs. 2.00.000 (ii) in any other case 65 per cent. 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 tolal income of the company): and (b) eight per cent. 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 hy the company if its tolal 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 lhe same proportion as the total income of the company): and (b) eighty per cent. 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 per cent.; case, been approved by the Central Government (ii) on the balance. if any, of the total income 70 per cent. 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 per cent of such income-tax. PART II Rates of deduction of tax at source in certain cases In every case in which under the provisions ofsections 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 per cent. Nil; than "Interest on securities" (ii) on income hy way of winnings from 30 per cent. 3 per cent.; lotteries and crossword puzzles (iii) on income hy way of winnings from 30 per cent. 3 per cent.; horse races (iv) on income by way of insurance 10 per cent. Nil; commission (v) on income by way of interest payable on - (A) any security, other than a tax- 10 per cent. Nil, free secutiry, 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 recognised stock exchange in India in accordance with the Securities Contracts (Regulalion) Act. 1956 and any rules made thereunder. (vi) on any other income (exlcuding 20 per cent. 2 per cent., 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 per cent. and interest payable on tax-free security surcharge at 3 per cent. 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 per cent. 1.5 per cent; 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 per cent. 0.5 per cent; than "Interest on securities" (ii) on any other income (excluding 21.5 per cent. 0.5 per cent; interest payable on a tax-free security) (b) where the company is not a domestic company-- (i) on income by way of dividends 25 per cent. Nil; payable by any domestic company (ii) on income by way of royally payable 40 per cent. 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 benn approved by the Central Government-- 50 per cent. 1.25 per cent.; (A) where the agreement is made after the 31st day of March. 1961 but before the 1st of April, 1976 20 per cent. 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 sumc consideration for the transfer outside India of, or the imparth . 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 per cent. 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 per cent. 1.25 per cent.; after the 29th day of February, 1964 but before the 1st day of April. 1976 (B) where the agreement is made 40 per cent. Nil; after the 31st day of March. 1976-- (v) on income by way of interest payable 44 per cent. 1.1 per cent.; on a tax-free security (vi) on any other income 70 per cent. 1.75 per cent.; PART III Rates for culculating or charging income-tax in certain cases, deducating 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-tax has to be calculated under the first proviso to sub-section (5) ofsection 132 of the Income-tax Act-or charged under sub-section (4) ofsection 172-or sub-section (2) ofsection 174-ofsection 175-or sub-section (2) ofsection 176-of the said Act or deducted undersection 192-of the said Act form income chageable under the head "Salaries" or deducted under sub-section 99) ofsection 80E-of the said Act from any payment referred to in the said sub-seet. (9) or in which the "advance tax" payable under Chapted 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 orsection 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) ofsection 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 per cent. 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 does not exceed Nil: Rs. 8.000 (2) where the total income exceeds Rs. 8.000 22 per cent. of the amount by which the total income but does not exceed Rs. 15.000 exceeds Rs. 8.OOO: (3) where the total income exceeds Rs. 15.000 Rs. 1.540 plus 27 per cent. 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 per cent. 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 per cent. of the amount by which but does not exceed Rs. 30.000 the total income exceeds Rupees 25.000: (6) where the total ini-'oiiii; exceeds Rs. Rs. 6,640 plus 50 per cent. of the amount by which 30,000 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 per cent. of the amount by which the total income exceeds Rupees 50,000. Provided that for the purposes of this 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 per cent, 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 he 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 income exceeds Rs. 10,000 Rs. 1,500 plus 25 per cent, of the amount by which but does not exceed Rs. 20,000 total income exceeds Rs. 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 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 C Sub-paragraph I In the case of every registered firm, not being a case to which sub-paragraph. 11 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 per cent. 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. 750 plus 7 per cent. 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 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. 10,000 plus 24 per cent. 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 per cent. 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 per cent. of such total income, --- Rates of income-tax (1) where the tolal 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 exceed Rs. 25,000 exceeds Rs. 10,000; (3) where the total income exceeds Rs. 25,000 Rs. 600 plus 7 per cent. of the amount by which but does not exceed Rs. 50,000 the total income exceeds Rupees 25,000; (4) where the tolal income exceeds Rs. 50,000 Rs. 2,350 plus 13 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. 8,850 plus 22 per cent. of the amount by which the tolal 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 per cent. 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) ofSection 183 of the Income-tax Act-. Paragraph D In the case of every total authority.- Rates of income income-tax On the whole of the total income 50 per cent. Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by a surcharge for the purposes of the Union calculated at the rate of ten per cent. of such income-tax. Paragraph E In the case of a company.--- Rates of income-tax 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 tolal income does 45 per cent. of the total income; not exceed Rupees 1,00,000 (ii) in a case where the total income 55 per cent. 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 per cent. of the total income. exceed Rupees 2,00,000 (b) where the tolal income exceeds 60 per cent. of the tolal income; Rs. 2,00,000 (ii) in any other case 65 per cent. 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-tax 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 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. 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 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 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 of 'being computed as if such income included income from various sources in the same proportion as the total income of the company); and (h) eighty per cent, of the amount by which its total income exceeds Rs. 2,00,000. 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 agree- ment 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 Febryart, 1964 but before, the 1st day of April, 1976. and where such agreement has. in either 50 per cent,; case, been approved by the Central Government. (ii) on the balance, it any, of the total income 70 per cent. 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 per cent. of such income-tax. PART IV [Seesection 2 (7) (e)-] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME- Rule 1. --- Agricultural income of the nature referred to in sub-clause (a) of clause (1) ofsection 2 of the Income-tax Act-shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions ofsections 57-,sections 58-&59-of that Act shall. so far as may be, apply accordingly : Provided that sub-section (2) ofsection 58-shall apply subject to the modification that the reference tosection 40A-therein shall be construed as not including a reference to sub-sections (3) and (4) ofsection 40A-. Rule 2. - Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1) ofsection 2 of the Income-tax Act-[other than income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head "Profits and gains of business or profession" and the provisions ofsections 30-,31-,32-,34-,36-,37-,38-,40-,40A-[other than sub-sections (3) and (4) thereof).41Rule 3. -Agricultural income of the nature referred to in sub-clause (c) of clause (1) ofsection 2 of the Income-tax Act-. being income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of the rent-in-kind referred to in the said sub-clause, (c) shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from house property" and the provisions ofsections 23-to27-of that Act shall. so far as may be, apply accordingly: Provided that sub-section (2) of the saidsection 23-shall apply subject to the modifications that the references to "total income" therein shall be construed as references to net agricultural income and that the words, figures and letters "and before making any deduction under Chapter VIA" shall be omitted Rule 4. - Notwithstanding anything contained in any other provisions of these rules, in a case where the assessee derives income from sale of tea grown and manufactured by him in India, such Income shall be computed in accordance withRule 8 of the Income-tax Rules, 1962. and sixty per cent. of such income shall be regarded as the agricultural income of the assessee. Rule 5. - Where the assessee is a partner of a registered firm of an unregistered firm assessed as a registered firm under clause (b) ofsection 183 of the Income-tax Act-, which in the previous year has any agricultural income, or is a partner of an unregistered firm which has not been assessed as a registered firm under clause (b) of the saidsection 183-and which, in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an unregistered firm but has any agricultural income, then, the agricultural income or loss of the firm shall be computed in accordance with these rules and his share in the agricultural income or loss of the firm shall be computed in ,the manner laid down in sub-section (1), sub-section (2) and sub-section (3) ofsection 67 of the Income-tax Act-and the share so computed shall be regarded as the agricultural income or loss of the asseessee. Rule 6. - Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum .amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income, then. the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 7. - Where the result of the computation for the previous year in respect of any source on agricultural income is a loss. such loss shall be set off against the income of the assessee. if any, for that previous year from any other source of agricultural income Provided that where the assessee is a partner of an unregistered firm which has not been assessed as a registered firm under clause (b) ofsection 183 of the Income-tax Act-or is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the firm association or body. as the case may be. is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income. Rule 8. - Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 9. - (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1982, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous year relevant to the assessment years commencing on the 1st day of April. 1974 or the 1st day of April, 1975 or the 1st day of April. 1976 or the 1st day of April, 1977. or the 1st day of April, 1978 or the 1st day of April, 1979 or the 1st day of April, 1980 or the 1st day of April, 1981 is a loss. then. for the purposes of sub-section (2) ofsection 2-of this Act. (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1974. to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April 1975 or the 1st day of April, 1976 or the 1st day of April. 1977. or the 1st day of April, 1978 or the 1st day of April. 1979 or the 1st day of April, 1980 or the 1st day of April 198l. (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1975. to the extent if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April 1976 or the 1st day of April. 1977. or the 1st day of April, 1978 or the 1st day of April, 1979 or the 1st day of April, 1980 or the 1st day of April. 1981. (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1976. to the extent, if any. such loss has not been set off against the agricultural income for the previous year reIevant to the assessment year commencing on the 1st day of April, 1977, or the 1st day of April, 1978 or the 1st day of April. 1979 or the 1st day of April. 1980 or the 1st day of April. 1981, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1977. to the extent if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1978 or the 1st day of April, 1979 or the 1st day of April, 1980 or the 1st day of April. 1981, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1978. to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1979 or the 1st day of April. 1980 or the 1st day of April. 1981. (vi) the loss so computed for the previous year relevant to the assessment year commencing on the Ist day of April, 1979, to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1980 or the 1st day of April, 1981, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1980, to the extent, if any such loss has not heen set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1980 and (viii)the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1981. shall be set off against the agricultural income of the assessee for the previous year relevent to the assessment year commencing on the 1st day of April 1982. (2) Where the assessee has. in the previous year relevant to the assessment year commencing on the 1st day of April. 1983. 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 that previous year, in such other period, any agricultural income and the net result of the computation of the agricultural income of the assessee for anyone or more of the previous years relevant to the assessment years commencing on the 1st day of April. 1974 or the 1st day of April. 1975 or the 1st day of April. 1976 or the 1st day of April. 1977 or the 1st day of April. 1978 or the 1st day of April. 1979 or the 1st day of April. 1980 or the 1st day of April. 1981 or the 1st day of April. 1982 is a loss. then, for the purposes of sub-section (6) ofsection 2-of this Act.- (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1974. to the extent, if any. such loss has not been set off agains the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1975 or the 1st day of April. 1976 or the 1st day of April. 1977 or the 1st day of April. 1978. or the 1st day of April. 1979 or the 1st day of April, 1980 or the 1st day of April. 1981 or the 1st day of April. 1982. (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1975. to the extent. if any. such loss has not 'been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1976 or the 1st day of April, 1977 or the 1st day of April. 1978. or the 1st day of April, 1979 or the 1st day of April. 1980 or the 1st day of April. 1981 or the 1st day of April 1982. (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1976, to the extent, if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1977 or the 1st day of April. 1978. or the 1st day of April. 1979 or the 1st day of April. 1980 or the 1st day of April. 1981 or the 1st day of April. 1982, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1977. to the extent. if any. such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1978, or the 1st day of April, 1979 or the 1st day of April. 1980 or the 1st day of April. 1981 or the Isl day of April. 1982. (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1978. to the extent if any. such loss has not been set off against the agricultural income for the previous year relevant to the .assessment.year commencing on the 1st day of April. 1979 or the 1st day of April. 1980 or the 1st day ot April. 1981 or the 1st day of April. 1982. (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April. 1979. to the extent. if any. such loss has not been set off against the agricultural incomee for the previous year relevant to the assessment year commencing on the 1st day of April, 1980 or the 1st day of April, 1981 or the 1st day of April, 1982, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1980, to the extent, if any such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1981, or the 1st day of April. 1982, (viii)the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1981, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1982, and (ix) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1982. shall be set off against the agricultural income the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1983 or the period aforesaid. (3) Where a change has occurred in the constitution of a firm, nothing in sub-rule (1) or sub-rule (2) shall entitle the firm to set off so much of the loss proportionate to the share of a retired or deceased partner computed in the manner laid down in sub-section (1), sub-section (2) and sub-section (3) ofsection 67 of the Income-tax Act-as exceeds his share of profits, if any, of the previous year in the firm, or entitle any partner to the benefit of any portion of the said loss (computed in the manner aforesaid) which is not apportionable to him. (4) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance. nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss. to have it set off under sub-rule (1) or, as the case may be. sub-rule (2). (5) Notwithstanding anything contained in this rule. no loss which has not been determined by the Income-tax Officer under the provisions of these rules or the rules contained inPart 4 of the First Schedule to the Finance Act, 1974. or ofthe First Schedule to the Finance Act, 1975-or ofthe First Schedule to the Finance Act, 1976-or ofthe First Schedule to the Finance (No. 2) Act, 1977-, or ofthe Schedule to the Finance Act, 1978-or ofthe First Schedule to the Finance Act, 1979-or ofthe First Schedule to the Finance (No. 2) Act, 1980or ofthe First Schedule to the Finance Act, 1981-, shall be set off under sub-rule (1) or. as the case may be, sub-rule (2). Rule 10. --- Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 11. -- The provisions of the Income-tax Act relating to procedure for assessment (including the provisions ofsection 288A-relating to 'rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. Rule 12.-- For the purposes of computing the net agricultural income of the assessee, the Income- tax Officer shall have the same powers as he has under the Income-tax Act for the purposes of assessment of the total income.
SCHEDULE SECOND SCHEDULE
[Amendment Incorporated in the Customs Tariff Act]
SCHEDULE THIRD SCHEDULE
[Amendments incorporated in the Central Excises Act]
SCHEDULE FOURTH SCHEDULE
[Seesection 52-] Modifications to the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. G.S.R. 77 (E), dated the 23rd day of Feb.. 1982. (1) The opening paragraph of the notification shall have effect as if - - - (I) with respect to any period before the 1st day of April, 1981,--- (a) for the figures "120" the figures "93.50" had been substituted, (b) for the figures "150" occurring for the first time the figures "116.65" had been substituted; and (II) with respect to any period before the 1st day of January, 1982, clause (i) had been omitted. (2) The first proviso to the notification shall not have effect with respect to any period before the 1st day of October, 1981 and the said notification shall have effect with respect to any period before the 1st day of October, 1981 as if it contained the following proviso in place of the said first proviso, namely:- "Provided that.- - - (a) in the case of matches packed in boxes in which both the outer slide as well as the inner slide are made of card hoard, the amount of exemption shall be increased by sixty paise per gross of boxes; (b) in the case of matches packed in boxes in which the inner slide alone is made of card board, the amount of exemption shall be increased by twenty-four paise per gross of boxes. (c) the amount of exemption shall be increased, or further increased, as the case may be, by fifty paise per gross of boxes if bamboo is used for the splints or for both splints and veneers; (d) If the splints of such matches are made of, .bamboo and the matches are packed in boxes of 40 matches, the rate of duty shall be four-fifths of the rate applicable to matches of identical description produced in the same factory but packed in boxes of 50 matches and if such packing in boxes of 50 matches is not done, it shall be four-fifths of the notionally determined rate for matches packed in boxes of 50 matches". (3) The second proviso and Clauses (f) and (g) of the Explanation to the notification shall not have effect with respect to any period before the 1st day of October, 1981. (4) Clauses (c), (d) and (e) of the Explanation to the notification shall not have effect with respect to any period before the 1st day of April, 1981.
