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 incorpo‚rated 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,ó
Rates of
income-tax
|
(1) |
where the total income does not exceed Rs. 50,000 |
Nil; |
|
(2) |
where the total income exceeds Rs. 50,000 but does not exceed Rs.
60,000 |
10 per cent of the amount by which the total income exceeds Rs.
50,000; |
|
(3) |
where the total income exceeds Rs. 60,000 but does not exceed Rs.
1,50,000 |
Rs. 1,000 plus 20 per cent of the amount by which the total
income exceeds Rs. 60,000; |
|
(4) |
where the total income exceeds Rs. 1,50,000 |
Rs. 19,000 plus 30 per cent of the amount by which the total
income exceeds Rs. 1,50,000. |
Surcharge on income-tax
The amount of income-tax
computed in accordance with the preced‚ing provisions of this Paragraph, or in
section 112, shall,ó
ÝÝÝÝÝÝÝÝ (i)Ý in the case of every individual or Hindu
undivided family or association of persons or body of individuals having a
total income exceeding eight hundred and fifty thousand rupees, be reduced by
the amount of rebate of income-tax calculated under Chapter VIII-A, and the
income-tax as so reduced, be increased by a surcharge for purposes of the Union
calculated at the rate of ten per cent of such income-tax;
ÝÝÝÝÝÝÝ (ii)Ý 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 eight hundred and fifty thousand rupees,
the total amount payable as income-tax and surcharge on such income shall not
exceed that total amount payable as income-tax on a total income of eight
hundred and fifty thousand rupees by more than the amount of income that
exceeds eight hundred and fifty thousand rupees.
Paragraph B
In the case of
every co-operative society,ó
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. |
Surcharge on income-tax
The amount of
income-tax computed in accordance with the preced‚ing provisions of this Paragraph,
or in section 112, shall, in the case of every co-operative society, be
increased by a sur‚charge for purposes of the Union calculated at the rate of
two and one-half per cent of such income-tax.
Paragraph C
In the case of
every firm,ó
Rate of income-tax
|
On the whole
of the total income |
35 per cent |
Surcharge on income-tax
The amount of
income-tax computed at the rate hereinbefore speci‚fied, or in section 112,
shall, in the case of every firm, be increased by a surcharge for purposes of the
Union calculated at the rate of two and one-half per cent of such income-tax.
Paragraph D
In the case of
every local authority,ó
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 speci‚fied, or in section 112, shall, in the
case of every local au‚thority, be increased by a surcharge for purposes of the
Union calculated at the rate of two and one-half per cent of such income-tax.
Paragraph E
In the case of
a company,ó
Rates of income-tax
|
I. In the case of a domestic company |
35 per cent of the total income; |
|
II. In the case of a company other than a
domestic companyó |
|
|
(i) on so much of the
total income as consists of,ó |
|
|
(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 preced‚ing provisions of this Paragraph, or in
section 112, shall, in the case of every company, be increased by a surcharge
for pur‚poses of the Union calculated at the rate of two and one-half per cent
of such income-tax.
Part II
Rates for deduction of tax at source in certain
cases
In every case
in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and
195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction
shall be made from the income subject to the deduction at the following rates:ó
|
|
Rate of income-tax |
|
1. In the case of a person other than a companyó |
|
|
(a) where the person is resident in Indiaó |
|
|
(i) on income by way of interest other than ìInterest on
securitiesî |
10 per cent; |
|
(ii) on income by way of winnings from lotteries, crossword
puzzles, card games and other games of any sort |
30 per cent; |
|
(iii) on income by way of winnings from horse races |
30 per cent; |
|
(iv) on income by way of insurance commission |
10 per cent; |
|
(v) on income by way of interest payable onó |
10 per cent; |
|
(A) any debentures or securities other than a security of the Central
or State Government for money issued by or on behalf of any local authority
or a corporation established by a Central, State or Provincial Act; |
|
|
(B) any debentures issued by a company where such deben‚tures
are listed on a recognised stock exchange in India in accordance with the
Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made
thereunder |
|
|
(vi) on any other income |
20 per cent; |
|
(b) where the person is not resident in Indiaó |
|
|
(i) in the case of a non-resident Indianó |
|
|
(A) on any investment income |
20 per cent; |
|
(B) on income by way of long-term capital gains referred to in
section 115E |
10 per cent; |
|
(C) on other income by way of long-term capital gains [not being
long-term capital gains referred to in clauses (33), (36) and (38)
of section 10] |
20 per cent; |
|
(D) on income by way of interest payable by Government or an
Indian concern on moneys borrowed or debt incurred by Govern‚ment or the Indian
concern in foreign currency |
20 per cent; |
|
(E) on income by way of winnings from lotteries, crossword
puzzles, card games and other games of any sort |
30 per cent; |
|
(F) on income by way of winnings from horse races |
30 per cent; |
|
(G) on the whole of the other income |
30 per cent; |
|
(ii) in the case of any other personó |
|
|
(A) on income by way of interest payable by Government or an
Indian concern on moneys borrowed or debt incurred by Govern‚ment or the Indian
concern in foreign currency |
20 per cent; |
|
(B) on income by way of winnings from lotteries, crossword
puzzles, card games and other games of any sort |
30 per cent; |
|
(C) on income by way of winnings from horse races |
30 per cent; |
|
(D) on income by way of long-term capital gains [not being
long-term capital gains referred to in clauses (33), (36) and (38)
of section 10] |
20 per cent; |
|
(E) on the whole of the other income |
30 per cent. |
|
2. In the case of a companyó |
|
|
(a) where the company is a domestic companyó |
|
|
(i) on income by way of interest other than ìInterest on
securitiesî |
20 per cent; |
|
(ii) on income by way of winnings from lotteries, crossword
puzzles, card games |
30 per cent; |
|
and other games of any sort |
|
|
(iii) on income by way of winnings from horse races |
30 per cent; |
|
(iv) on any other income |
20 per cent; |
|
(b) where the company is not a domestic companyó |
|
|
(i) on income by way of winnings from lotteries, crossword
puzzles, card games and other games of any sort |
30 per cent; |
|
(ii) on income byÝ
wayÝ ofÝ winningsÝ
fromÝ horse races |
30 per cent; |
|
(iii) on income by way of interest payable by Government or an
Indian concern on moneys borrowed or debt incurred by Government or the
Indian concern in foreign currency |
20 per cent; |
|
(iv) on income by way of royalty payable by 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, 1976 where such royalty is in
consideration for the transfer of all or any rights (including the granting
of a licence) in re‚spect of copyright in any book on a subject referred to
in the first proviso to sub-section (1A) of section 115A of the Income-tax
Act, to the Indian concern, or in respect of any computer software referred
to in the second proviso to sub-section (1A) of section 115A of the
Income-tax Act, to a person resident in Indiaó |
|
|
(A) where the agreement is made before the1st day of June, 1997 |
30 per cent; |
|
(B) where the agreement is made on or after the 1st day of
June, 1997 |
20 per cent; |
|
(v) on income by way of royalty [not being royalty of the
nature referred to in sub-item (b)(iv)] payable by Government or an
Indian concern in pursuance of an agreement made by it with the Government or
the Indian concern and where such agreement is with an Indian concern, the
agreement is approved by the Central Government or where it relates to a
matter included in the indus‚trial policy, for the time being in force, of
the Government of India, the agreement is in accordance with that policyó |
|
|
(A) where the agreement is made after the 31st day of March,
1961 but before the 1st day of April, 1976 |
50 per cent; |
|
(B) where the agreement is made after the 31st day of March,
1976 but before the 1st day of June, 1997 |
30 per cent; |
|
(C) where the agreement is made on or after the 1st day of
June, 1997 |
20 per cent; |
|
(vi) on income by way of fees for technical services payable by
Government or an Indian concern in pursuance of an agreement made by it with the
Government or the Indian concern and where such agreement is with an Indian
concern, the agreement is ap‚proved by the Central Government or where it
relates to a matter included in the industrial policy, for the time being in
force, of the Government of India, the agreement is in accordance with that
policyó |
|
|
(A) where the agreement is made after the 29th day of February,
1964 but before the1st day of April, 1976 |
50 per cent; |
|
(B) where the agreement is made after the 31st day of March,
1976 but before the 1st day of June, 1997 |
30 per cent; |
|
(C) where the agreement is made on or after the 1st day of
June, 1997 |
20 per cent; |
|
(vii) on income by way of long-term capital gains [not being
long-term capital gains referred to in clauses (33), (36) and (38)
of section 10] |
20 per cent; |
|
(viii) on any other income |
40 per cent. |
Explanation.óFor the purpose of item 1(b)(i)
of this Part, ìinvestment incomeî and ìnon-resident Indianî shall have the
meanings assigned to them in Chapter XII-A of the Income-tax Act.
Surcharge on income-tax
The amount of
income-tax deducted in accordance with the provi‚sions ofó
(A)Ý item
1 of this Part, shall be increased by a surcharge, for purposes of the Union,
calculated,ó
ÝÝÝÝÝÝÝÝ (i)Ý in the case of every individual, Hindu
undivided fami‚ly, association of persons and body of individuals, whether
incorporated or not, at the rate of ten per cent of such tax where the income
or the aggregate of such incomes paid or likely to be paid and subject to the
deduction exceeds eight hundred and fifty thousand rupees;
ÝÝÝÝÝÝÝ (ii)Ý in the case of every co-operative society,
firm and local authority, at the rate of two and one-half per cent of such tax;
ÝÝÝÝÝÝ (iii)Ý in the case of every artificial juridical
person referred to in sub-clause (vii) of clause (31) of section
2 of the Income-tax Act, at the rate of ten per cent of such tax.
(B)Ý item 2 of this Part, shall be increased by a surcharge, for
purposes of the Union, calculated at the rate of two and one-half per cent of
such income-tax.
Part III
Rates for charging income-tax in certain cases,
deducting
income-tax from income chargeable under the head
ìsalariesî andÝ comput‚ing ìadvance taxî
In cases in
which income-tax has to be charged under sub-section (4) of section 172 of the
Income-tax Act or sub-section (2) of section 174 or section 174A or section 175
or sub-section (2) of section 176 of the said Act or deducted from, or paid on,
from income chargeable under the head ìSalariesî under section 192 of the said
Act or in which the ìadvance taxî 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, ìadvance taxî [not being ìadvance taxî in respect of any income
chargeable to tax under Chapter XII or Chapter XII-A or section 115JB or
sub-sec‚tion (1A) of section 161 or section 164 or section 164A or sec‚tion
167B of the Income-tax Act at the rates as specified in that Chapter or section
or surcharge on such ìadvance taxî in respect of any income chargeable to tax
under section 115A or section 115AB or section 115AC or section 115ACA or
section 115AD or section 115B or section 115BB or section 115BBA or section
115E or section 115JB] shall be charged, deducted or computed at the following
rate or rates:ó
Paragraph A
In the case of
every individual or Hindu undivided family or association of persons or body of
individuals, whether incorpo‚rated 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,ó
Rates of income-tax
|
(1) |
where the total
income does not exceed Rs. 50,000 |
Nil; |
|
(2) |
where the
total income exceeds Rs. 50,000 but does not exceed Rs. 60,000 |
10 per cent of
the amount by which the total income exceeds Rs. 50,000; |
|
(3) |
where the total
income exceeds Rs. 60,000 but does not exceed Rs. 1,50,000 |
Rs. 1,000 plus
20 per cent of the amount by which the total income exceeds Rs. 60,000; |
|
(4) |
where the total
income exceeds Rs. 1,50,000 |
Rs. 19,000 plus
30 per cent of the amount by which the total income exceeds Rs. 1,50,000. |
Surcharge on income-tax
The amount of
income-tax computed in accordance with the preced‚ing provisions of this
Paragraph or in section 111A or section 112 shall,ó
Ý (i)Ý in the case of every individual or Hindu undivided family or
association of persons or body of individuals having a total income exceeding
eight hundred and fifty thousand rupees, be reduced by the amount of rebate of
income-tax calculated under Chapter VIIIA, and the income-tax as so reduced, be
increased by a surcharge for purposes of the Union calculated at the rate of
ten per cent of such income-tax;
(ii)Ý 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 eight hundred and fifty thousand 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 eight
hundred and fifty thousand rupees by more than the amount of income that
exceeds eight hundred and fifty thousand rupees.
Paragraph B
In the case of
every co-operative society,ó
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 Ýplus 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 plusÝ 30 per cent of the amount by which the
total income exceeds Rs. 20,000. |
Surcharge on income-tax
The amount of
income-tax computed in accordance with the preced‚ing provisions of this
Paragraph, or in section 111A or section 112, shall, in the case of every
co-operative society, be in‚creased by a surcharge for purposes of the Union
calculated at the rate of two and one-half per cent of such income-tax.
Paragraph C
In the case of
every firm,ó
Rate of income-tax
|
On the whole
of the total income |
35 per cent.
|
Surcharge on income-tax
The amount of
income-tax computed at the rate hereinbefore speci‚fied, or in section 111A or
section 112, shall, in the case of every firm, be increased by a surcharge for
purposes of the Union calculated at the rate of two and one-half per cent of
such income-tax.
Paragraph D
In the case of
every local authority,ó
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 speci‚fied, or in section 111A or section
112, shall, in the case of every local authority, be increased by a surcharge
for purposes of the Union calculated at the rate of two and one-half per cent
of such income-tax.
Paragraph E
In the case of
a company,ó
Rates of income-tax
|
I. In the case of a domestic
company |
35 per cent of the total income; |
|
II. In the case of a company
other than a domestic companyó |
|
|
(i) on so much of the total income as consists of,ó |
|
|
(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 approvedÝ byÝ
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 preced‚ing 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 at the rate of two and
one-half per cent of such income-tax.
Part IV
[See
section 2(12)(c)]
Rules for Computation of Net Agricultural
Income
Rule 1.óAgricultural income of the nature referred to
in sub-clause (a) of clause (1A) of section 2 of the Income-tax
Act shall be computed as if it were income chargeable to income-tax under that
Act under the head ìIncome from other sourcesî and the provisions of sections
57 to 59 of that Act shall, so far as may be, apply accordingly:
Provided that sub-section (2) of section 58 shall
apply subject to the modification that the reference to section 40A therein
shall be construed as not including a reference to sub-sections (3) and (4) of
section 40A.
Rule 2.óAgricultural income of the nature referred to
in sub-clause (b) or sub-clause (c) of clause (1A) of
section 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 of the
cultivator or the receiver of rent-in-kind re‚ferred 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 ìProfits and gains of business or professionî and
the provi‚sions of sections 30, 31, 32, 36, 37, 38, 40, 40A [other than
sub-sections (3) and (4) thereof], 41, 43, 43A, 43B and 43C of the Income-tax
Act shall, so far as may be, apply accordingly.
Rule 3.óAgricultural income of the nature referred to
in sub-clause (c) of clause (1A) of section 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
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
ìIncome from house propertyî and the provisions of sections 23 to 27 of that
Act shall, so far as may be, apply accordingly.
Rule 4.óNotwithstanding anything contained in any
other provi‚sions of these rules, in a caseó
ÝÝÝÝÝÝÝ (a)Ý where the assessee derives income from sale of
tea grown and manufactured by him in India, such income shall be computed in
accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent of
such income shall be regarded as the agricultural income of the assessee;
ÝÝÝÝÝÝÝ (b)Ý where the assessee derives income from sale of
centri‚fuged latex or cenex or latex based crepes (such as pale latex crepe) or
brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe
or flat bark crepe) of technically specified block rubbers manufactured or
processed by him from rubber plants grown by him in India, such income shall be
comput‚ed in accordance with rule 7A of the Income-tax Rules, 1962, and
sixty-five per cent of such income shall be regarded as the agricultural income
of the assessee;
ÝÝÝÝÝÝÝÝ (c)Ý where the assessee derives income from sale of
coffee grown and manufactured by him in India, such income shall be computed in
accordance with rule 7B of the Income-tax Rules, 1962, and sixty per cent or
seventy-five per cent, as the case may be, of such income shall be regarded as
the agricultural income of the assessee.
Rule 5.óWhere 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 6.óWhere the result of the computation for the
previous year in respect of any source of 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 member of an
association of persons or a body of individuals and the share of the assessee
in the agricultural income of the 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 7.óAny 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 8.ó(1) Where the assessee has, in the
previous year rele‚vant to the assessment year commencing on the 1st day of
April, 2004, any agricultural income and the net result of the computa‚tion of
the agricultural income of the assessee for any one or more of the previous
years relevant to the assessment years commencing on the 1st day of April, 1996
or the 1st day of April, 1997 or the 1st day of April, 1998 or the 1st day of
April, 1999 or the 1st day of April, 2000 or the 1st day of April, 2001 or the
1st day of April, 2002 or the 1st day of April, 2003, is a loss, then, for the
purposes of sub-section (2) of section 2 of this Act,ó
ÝÝÝÝÝÝÝÝ (i)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 1996, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 1997 or the 1st day of April, 1998 or the 1st day of April,
1999 or the 1st day of April, 2000 or the 1st day of April, 2001 or the 1st day
of April, 2002 or the 1st day of April, 2003,
ÝÝÝÝÝÝÝ (ii)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 1997, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 1998 or the 1st day of April, 1999 or the 1st day of April,
2000 or the 1st day of April, 2001 or the 1st day of April, 2002 or the 1st day
of April, 2003,
ÝÝÝÝÝÝ (iii)Ý the loss so computed for the previous year
rele‚vant to the assessment year commencing on the 1st day of April, 1998, 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, 1999 or the 1st day of April, 2000 or the 1st day of April,
2001 or the 1st day of April, 2002 or the 1st day of April, 2003,
ÝÝÝÝÝÝ (iv)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 1999, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 2000 or the 1st day of April, 2001 or the 1st day of April,
2002 or the 1st day of April, 2003,
ÝÝÝÝÝÝÝ (v)Ý the loss so computed for the previous year relevant
to the assessment year commencing on the 1st day of April, 2000, to the extent,
if any, such loss has not been set off against the agricultural income for the
previous year relevant to the assess‚ment year commencing on the 1st day of
April, 2001 or the 1st day of April, 2002 or the 1st day of April, 2003,
ÝÝÝÝÝÝ (vi)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2001, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 2002 or the 1st day of April, 2003,
ÝÝÝÝÝ (vii)Ý the loss so computed for the previous year
rele‚vant to the assessment year commencing on the 1st day of April, 2002, 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, 2003,
ÝÝÝÝ (viii)Ý the loss so computed for the previous year
rele‚vant to the assessment year commencing on the 1st day of April, 2003,
shall be set
off against the agricultural income of the assessee for the previous year
relevant to the assessment year commencing on the 1st day of April, 2004.
(2)
Where the assessee has, in the previous year relevant to the assessment year
commencing on the 1st day of April, 2005, 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 agricultural
income and the net result of the computation of the agricultural income of the
assessee for any one or more of the previous years relevant to the assessment
years commencing on the 1st day of April, 1997 or the 1st day of April, 1998 or
the 1st day of April, 1999 or the 1st day of April, 2000 or the 1st day of
April, 2001 or the 1st day of April, 2002 or the 1st day of April, 2003 or the
1st day of April, 2004, is a loss, then, for the purposes of sub-section (10)
of section 2 of this Act,ó
ÝÝÝÝÝÝÝÝ (i)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 1997, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 1998 or the 1st day of April, 1999 or the 1st day of April,
2000 or the 1st day of April, 2001 or the 1st day of April, 2002 or the 1st day
of April, 2003 or the 1st day of April, 2004,
ÝÝÝÝÝÝÝ (ii)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 1998, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 1999 or the 1st day of April, 2000 or the 1st day of April,
2001 or the 1st day of April, 2002 or the 1st day of April, 2003 or the 1st day
of April, 2004,
ÝÝÝÝÝÝ (iii)Ý the loss so computed for the previous year
rele‚vant to the assessment year commencing on the 1st day of April, 1999, 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, 2000 or the 1st day of April, 2001 or the 1st day of April,
2002 or the 1st day of April, 2003 or the 1st day of April, 2004,
ÝÝÝÝÝÝ (iv)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2000, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 2001 or the 1st day of April, 2002 or the 1st day of April,
2003 or the 1st day of April, 2004,
ÝÝÝÝÝÝÝ (v)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2001, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 2002 or the 1st day of April, 2003 or the 1st day of April,
2004,
ÝÝÝÝÝÝ (vi)Ý the loss so computed for the previous year
relevant to the assessment year commencing on the 1st day of April, 2002, to
the extent, if any, such loss has not been set off against the agricultural
income for the previous year relevant to the assess‚ment year commencing on the
1st day of April, 2003 or the 1st day of April, 2004,
ÝÝÝÝÝ (vii)Ý the loss so computed for the previous year
rele‚vant to the assessment year commencing on the 1st day of April 2003, 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, 2004,
ÝÝÝÝ (viii)Ý the loss so computed for the previous year
rele‚vant to the assessment year commencing on the 1st day of April, 2004,
shall
be set off against the agricultural income of the assessee for the previous
year relevant to the assessment year commencing on the 1st day of April, 2005.
(3) 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
incur‚ring the loss, to have it set off under sub-rule (1) or, as the case may
be, sub-rule (2).
(4)
Notwithstanding anything contained in this Rule, no loss which has not been
determined by the Assessing Officer under the provisions of these Rules or the
Rules contained in Part IV of the First Schedule to the Finance (No. 2) Act,
1996 (33 of 1996), or of the First Schedule to the Finance Act, 1997 (26 of
1997), or of the First Schedule to the Finance (No. 2) Act, 1998 (21 of 1998),
or of the First Schedule to the Finance Act, 1999 (27 of 1999), or of the First
Schedule to the Finance Act, 2000 (10 of 2000), or of the First Schedule to the
Finance Act, 2001 (14 of 2001), or of the First Schedule to the Finance Act,
2002 (20 of 2002), or of the First Schedule to the Finance Act, 2003 (32 of
2003), shall be set off under sub-rule (1) or, as the case may be, sub-rule
(2).
Rule 9.óWhere the net result of the computation made
in accord‚ance 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 10.óThe provisions of the Income-tax Act relating
to proce‚dure for assessment (including the provisions of section 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 11.óFor the purposes of computing the net
agricultural income of the assessee, the Assessing Officer shall have the same
powers as he has under the Income-tax Act for the purposes of assessment of the
total income.
|
** |
** |
** |