Rates of Income Tax as notified vide Finance Act 2008

THE FIRST SCHEDULE (See section 2) PART I INCOME-TAX Paragraph A (I) In the case of every individ a! other than the individ a! referred to in items (II) and (III) of this Paragraph or "ind ndivided fami!y or association of persons or #ody of individ a!s$ %hether incorporated or not$ or every artificia! & ridica! person referred to in s #'c!a se (vii) of c!a se (()) of section 2 of the Income'tax Act$ not #eing a case to %hich any other paragraph of this Part app!ies$* Rates of income'tax ()) %here the tota! income does not exceed Rs+ )$)0$000 (2) %here the tota! income exceeds Rs+)$)0$000 # t does not exceed Rs+ )$.0$000 (() %here the tota! income exceeds Rs+ )$.0$000 # t does not exceed Rs+ 2$.0$000 ,i!-

)0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ )$)0$000Rs+ /$000 p! s 20 per cent of the amo nt #y %hich the tota! income exceeds Rs+ )$.0$000(/) %here the tota! income exceeds Rs+ Rs+ 2/$000 p! s (0 per cent of the 2$.0$000 amo nt #y %hich the tota! income exceeds Rs+ 2$.0$000+ (II) In the case of every individ a!$ #eing a %oman resident in India$ and #e!o% the age of sixty'five years at any time d ring the previo s year$* Rates of income'tax ()) %here the tota! income does not exceed Rs+ )$/.$000 (2) %here the tota! income exceeds Rs+ )$/.$000 # t does not exceed Rs+ )$.0$000 (() %here the tota! income exceeds Rs+ )$.0$000 # t does not exceed Rs+ 2$.0$000 ,i!-

)0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ )$/.$000Rs+ .00 p! s 20 per cent of the amo nt #y %hich the tota! income exceeds Rs+ )$.0$000(/) %here the tota! income exceeds Rs+ Rs+ 20$.00 p! s (0 per cent of the 2$.0$000 amo nt #y %hich the tota! income exceeds Rs+ 2$.0$000+ (III) In the case of every individ a!$ #eing a resident in India$ %ho is of the age of sixty' five years or more at any time d ring the previo s year$* Rates of income'tax ()) %here the tota! income does not exceed Rs+ ,i!)$0.$000 (2) %here the tota! income exceeds Rs+ )$0.$000 20 per cent of the amo nt #y %hich the

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# t does not exceed Rs+ 2$.0$000 tota! income exceeds Rs+ )$0.$000(() %here the tota! income exceeds Rs+ 2$.0$000 Rs+ ))$000 p! s (0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ 2$.0$000+ S rcharge on income'tax The amo nt of income'tax comp ted in accordance %ith the preceding provisions of this paragraph$ or in section )))A or section ))2$ sha!!$* (i) in the case of every individ a! or "ind ndivided fami!y or association of persons or #ody of individ a!s having a tota! income exceeding ten !a1h r pees$ #e red ced #y the amo nt of re#ate of income'tax ca!c !ated nder 2hapter 3III'A$ and the income'tax as so red ced$ #e increased #y a s rcharge for p rposes of the 4nion ca!c !ated at the rate of ten per cent of s ch income'tax(ii) in the case of every person$ other than those mentioned in item (i)$ #e increased #y a s rcharge for p rposes of the 4nion ca!c !ated at the rate of ten per cent of s ch income'tax5 Provided that in case of persons mentioned in item (i) a#ove having a tota! income exceeding ten !a1h r pees$ the tota! amo nt paya#!e as income'tax and s rcharge on s ch income sha!! not exceed the tota! amo nt paya#!e as income'tax on a tota! income of ten !a1h r pees #y more than the amo nt of income that exceeds ten !a1h r pees+ Paragraph 6 In the case of every co'operative society$* Rates of income'tax ()) %here the tota! income does not exceed )0 per cent of the tota! incomeRs+)0$000 (2) %here the tota! income exceeds Rs+)0$000 Rs+)$000 p! s 20 per cent of the amo nt # t does not exceed Rs+ 20$000 #y %hich the tota! income exceeds Rs+)0$000(() %here the tota! income exceeds Rs+ 20$000 Rs+ ($000 p! s (0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ 20$000+ Paragraph 2 In the case of every firm$* Rate of income'tax 7n the %ho!e of the tota! income S rcharge on income'tax The amo nt of income'tax comp ted at the rate herein#efore specified$ or in section )))A or section ))2$ sha!!$ in the case of every firm having a tota! income exceeding one crore r pees$ #e increased #y a s rcharge for p rposes of the 4nion ca!c !ated at the rate of ten per cent of s ch income'tax5 (0 per cent

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Provided that in the case of every firm having a tota! income exceeding one crore r pees$ the tota! amo nt paya#!e as income'tax and s rcharge on s ch income sha!! not exceed the tota! amo nt paya#!e as income'tax on a tota! income of one crore r pees #y more than the amo nt of income that exceeds one crore r pees+ Paragraph 8 In the case of every !oca! a thority$* Rate of income'tax 7n the %ho!e of the tota! income (0 per cent Paragraph 9 In the case of a company$* Rates of income'tax I+ In the case of a domestic company II+ In the case of a company other than a domestic company* (i) on so m ch of the tota! income as consists of$* (a) roya!ties received from :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern after the ()st day of ;arch$ )0<) # t #efore the )st day of Apri!$ )0=<- or (#) fees for rendering technica! services received from :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern after the 20th day of Fe#r ary$ )0</ # t #efore the )st day of Apri!$ )0=<$ and %here s ch agreement has$ in either case$ #een approved #y the 2entra! :overnmen (ii) on the #a!ance$ if any$ of the tota! income .0 per cent(0 per cent of the tota! income-

/0 per cent

S rcharge on income'tax The amo nt of income'tax comp ted in accordance %ith the preceding provisions of this Paragraph$ or in section )))A or section ))2$ sha!!$ in the case of every company$ #e increased #y a s rcharge for p rposes of the 4nion ca!c !ated$*

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(i) in the case of every domestic company having a tota! income exceeding one crore r pees$ at the rate of ten per cent of s ch income'tax(ii) in the case of every company other than a domestic company having a tota! income exceeding one crore r pees$ at the rate of t%o and one'ha!f per cent+ Provided that in the case of every company having a tota! income exceeding one crore r pees$ the tota! amo nt paya#!e as income'tax and s rcharge on s ch income sha!! not exceed the tota! amo nt paya#!e as income'tax on a tota! income of one crore r pees #y more than the amo nt of income that exceeds one crore r pees+ PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in %hich nder the provisions of sections )0($ )0/$ )0/A$ )0/6$ )0/66$ )0/8 and )0. of the Income'tax Act$ tax is to #e ded cted at the rates in force$ ded ction sha!! #e made from the income s #&ect to the ded ction at the fo!!o%ing rates5* Rate of income' tax )+ In the case of a person other than a company* (a) %here the person is resident in India* (i) on income #y %ay of interest other than >Interest on sec rities? (ii) on income #y %ay of %innings from !otteries$ cross%ord p @@!es$ card games and other games of any sort (iii) on income #y %ay of %innings from horse races (iv) on income #y %ay of ins rance commission (v) on income #y %ay of interest paya#!e on* (A) any de#ent res or sec rities for money iss ed #y or on #eha!f of any !oca! a thority or a corporation esta#!ished #y a 2entra!$ State or Provincia! Act(6) any de#ent res iss ed #y a company %here s ch de#ent res are !isted on a recognised stoc1 exchange in India in accordance %ith the Sec rities 2ontracts (Reg !ation) Act$ )0.< (/2 of )0.<) and any r !es made there nder (2) any sec rity of the 2entra! or State :overnment (vi) on any other income (#) %here the person is not resident in India* (i) in the case of a non'resident Indian* (A) on any investment income (6) on income #y %ay of !ong'term capita! gains referred to in section)).9 (2) on income #y %ay of short'term capita! gains referred to 20 per cent)0 per cent). per cent20 per cent)0 per cent(0 per cent(0 per cent)0 per cent)0 per cent-

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in section )))A (8) on other income #y %ay of !ong'term capita! gains Anot #eing !ong'term capita! gains referred to in c!a ses ((()$ ((<) and ((8) of section )0B (9) on income #y %ay of interest paya#!e #y :overnment or an Indian concern on moneys #orro%ed or de#t inc rred #y :overnment or the Indian concern in foreign c rrency (F) on income #y %ay of roya!ty paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern %here s ch roya!ty is in consideration for the transfer of a!! or any rights (inc! ding the granting of a !icence) in respect of copyright in any #oo1 on a s #&ect referred to in the first proviso to s #'section ()A) of section )).A of the Income'tax Act$ to the Indian concern$ or in respect of any comp ter soft%are referred to in the second proviso to s #'section ()A) of section )).A of the Income'tax Act$ to a person resident in India* (I) %here the agreement is made on or after the )st day of C ne$ )00= # t #efore the )st day of C ne$ 200. (II) %here the agreement is made on or after the )st day of C ne$ 200. (:) on income #y %ay of roya!ty Anot #eing roya!ty of the nat re referred to in s #'item (#)(i)(F)B paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern and %here s ch agreement is %ith an Indian concern$ the agreement is approved #y the 2entra! :overnment or %here it re!ates to a matter inc! ded in the ind stria! po!icy$ for the time #eing in force$ of the :overnment of India$ the agreement is in accordance %ith that po!icy* (I) %here the agreement is made on or after the )st day of C ne$ )00= # t #efore the )st day of C ne$ 200. (II) %here the agreement is made on or after the )st day of C ne$ 200. (") on income #y %ay of fees for technica! services paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern and %here s ch agreement is %ith an Indian concern$ the agreement is approved #y the 2entra! :overnment or %here it re!ates to a matter inc! ded in the ind stria! po!icy$ for the time #eing in force$ of the :overnment of India$ the agreement is in accordance

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%ith that po!icy* (I) %here the agreement is made on or after the )st day of C ne$ )00= # t #efore the )st day of C ne$ 200. (II) %here the agreement is made on or after the )st day of C ne$ 200. (I) on income #y %ay of %innings from !otteries$ cross%ord p @@!es$ card games and other games of any sort (C) on income #y %ay of %innings from horse races (D) on the %ho!e of the other income (ii) in the case of any other person* (A) on income #y %ay of interest paya#!e #y :overnment or an Indian concern on moneys #orro%ed or de#t inc rred #y :overnment or the Indian concern in foreign c rrency (6) on income #y %ay of roya!ty paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern %here s ch roya!ty is in consideration for the transfer of a!! or any rights (inc! ding the granting of a !icence) in respect of copyright in any #oo1 on a s #&ect referred to in the first proviso to s #'section ()A) of section )).A of the Income'tax Act$ to the Indian concern$ or in respect of any comp ter soft%are referred to in the second proviso to s #'section ()A) of section )).A of the Income'tax Act$ to a person resident in India* (I) %here the agreement is made on or after the )st day of C ne$ )00= # t #efore the )st day of C ne$ 200. (II) %here the agreement is made on or after the )st day of C ne$ 200. (2) on income #y %ay of roya!ty Anot #eing roya!ty of the nat re referred to in s #'item (#)(ii)(6)B paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern and %here s ch agreement is %ith an Indian concern$ the agreement is approved #y the 2entra! :overnment or %here it re!ates to a matter inc! ded in the ind stria! po!icy$ for the time #eing in force$ of the :overnment of India$ the agreement is in accordance %ith that po!icy* (I) %here the agreement is made on or after the )st day of C ne$ )00= # t #efore the )st day of C ne$ 200. (II) %here the agreement is made on or after the )st 20 per cent20 per cent-

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day of C ne$ 200. (8) on income #y %ay of fees for technica! services paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern and %here s ch agreement is %ith an Indian concern$ the agreement is approved #y the 2entra! :overnment or %here it re!ates to a matter inc! ded in the ind stria! po!icy$ for the time #eing in force$ of the :overnment of India$ the agreement is in accordance %ith that po!icy* (I) %here the agreement is made on or after the )st day of C ne$ )00= # t #efore the )st day of C ne$ 200. (II) %here the agreement is made on or after the )st day of C ne$ 200. (9) on income #y %ay of %innings from !otteries$ cross%ord p @@!es$ card games and other games of any sort (F) on income #y %ay of %innings from horse races (:) on income #y %ay of short'term capita! gains referred to in section )))A (") on income #y %ay of !ong'term capita! gains Anot #eing !ong'term capita! gains referred to in c!a ses ((()$ ((<) and ((8) of section )0B (I) on the %ho!e of the other income 2+ In the case of a company* (a) %here the company is a domestic company* (i) on income #y %ay of interest other than >Interest on sec rities? (ii) on income #y %ay of %innings from !otteries$ cross%ord p @@!es$ card games and other games of any sort (iii) on income #y %ay of %innings from horse races (iv) on any other income (#) %here the company is not a domestic company* (i) on income #y %ay of %innings from !otteries$ cross%ord p @@!es$ card games and other games of any sort (ii) on income #y %ay of %innings from horse races (iii) on income #y %ay of interest paya#!e #y :overnment or an Indian concern on moneys #orro%ed or de#t inc rred #y :overnment or the Indian concern in foreign c rrency (iv) on income #y %ay of roya!ty paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern after the ()st day of ;arch$ )0=< %here s ch roya!ty is in consideration for the (0 per cent(0 per cent20 per cent20 per cent(0 per cent(0 per cent20 per cent20 per cent-

)0 per cent(0 per cent(0 per cent). per cent20 per cent-

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transfer of a!! or any rights (inc! ding the granting of a !icence) in respect of copyright in any #oo1 on a s #&ect referred to in the first proviso to s #'section ()A) of section )).A of the Income'tax Act$ to the Indian concern$ or in respect of any comp ter soft%are referred to in the second proviso to s #'section ()A) of section )).A of the Income'tax Act$ to a person resident in India* (A) %here the agreement is made #efore the )st day of C ne$ )00= (6) %here the agreement is made on or after the )st day of C ne$ )00= # t #efore the )st day of C ne$ 200. (2) %here the agreement is made on or after the )st day of C ne$ 200. (v) on income #y %ay of roya!ty Anot #eing roya!ty of the nat re referred to in s #'item (#)(iv)B paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern and %here s ch agreement is %ith an Indian concern$ the agreement is approved #y the 2entra! :overnment or %here it re!ates to a matter inc! ded in the ind stria! po!icy$ for the time #eing in force$ of the :overnment of India$ the agreement is in accordance %ith that po!icy* (A) %here the agreement is made after the ()st day of ;arch$ )0<) # t #efore the )st day of Apri!$ )0=< (6) %here the agreement is made after the ()st day of ;arch$ )0=< # t #efore the )st day of C ne$ )00= (2) %here the agreement is made on or after the )st day of C ne$ )00= # t #efore the )st day of C ne$ 200. (8) %here the agreement is made on or after the )st day of C ne$ 200. (vi) on income #y %ay of fees for technica! services paya#!e #y :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern and %here s ch agreement is %ith an Indian concern$ the agreement is approved #y the 2entra! :overnment or %here it re!ates to a matter inc! ded in the ind stria! po!icy$ for the time #eing in force$ of the :overnment of India$ the agreement is in accordance %ith that po!icy (A) %here the agreement is made after the 20th day Fe#r ary$ )0</ # t #efore the )st day of Apri!$ )0=< (6) %here the agreement is made after the ()st day ;arch$ )0=< # t #efore the )st day of C ne$ )00= (2) %here the agreement is made on or after the )st day C ne$ )00= # t #efore the )st day of C ne$ 200. (8) %here the agreement is made on or after the )st day of of of of (0 per cent20 per cent)0 per cent-

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C ne$ 200. (vii) on income #y %ay of short'term capita! gains referred to in section )))A (viii) on income #y %ay of !ong'term capita! gains Anot #eing !ong' term capita! gains referred to in c!a ses ((()$ ((<) and ((8) of section )0B (ix) on any other income 9xp!anation+*For the p rpose of item )(#)(i) of this Part$ >investment income? and >non'resident Indian? sha!! have the meanings assigned to them in 2hapter EII'A of the Income' tax Act+ S rcharge on income'tax The amo nt of income'tax ded cted in accordance %ith the provisions of*

). per cent20 per cent-

/0 per cent+

(A) item ) of this Part$ sha!! #e increased #y a s rcharge$ for p rposes of the 4nion$ ca!c !ated$* (i) in the case of every individ a!$ "ind ndivided fami!y$ association of persons and #ody of individ a!s$ %hether incorporated or not$ at the rate of ten per cent of s ch tax %here the income or the aggregate of s ch incomes paid or !i1e!y to #e paid and s #&ect to the ded ction exceeds ten !a1h r pees(ii) in the case of every artificia! & ridica! person referred to in s #'c!a se (vii) of c!a se (()) of section 2 of the Income'tax Act$ at the rate of ten per cent of s ch tax(iii) in the case of every firm at the rate of ten per cent of s ch tax %here the income or the aggregate of s ch incomes paid or !i1e!y to #e paid and s #&ect to the ded ction exceeds one crore r pees(6) item 2 of this Part$ sha!! #e increased #y a s rcharge$ for p rposes of the 4nion$ ca!c !ated$* (i) in the case of every domestic company at the rate of ten per cent of s ch income'tax %here the income or the aggregate of s ch incomes paid or !i1e!y to #e paid and s #&ect to the ded ction exceeds one crore r pees(ii) in the case of every company other than a domestic company at the rate of t%o and one'ha!f per cent of s ch income'tax %here the income or the aggregate of s ch incomes paid or !i1e!y to #e paid and s #&ect to the ded ction exceeds one crore r pees+

PART III RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOMETAX FROM INCOME CHARGEABLE UNDER THE HEAD SALARIES AND COMPUTING ADVANCE TAX

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In cases in %hich income'tax has to #e charged nder s #'section (/) of section )=2 of the Income'tax Act or s #'section (2) of section )=/ or section )=/A or section )=. or s #' section (2) of section )=< of the said Act or ded cted from$ or paid on$ from income chargea#!e nder the head >Sa!aries? nder section )02 of the said Act or in %hich the

>advance tax? paya#!e nder 2hapter E3II'2 of the said Act has to #e comp ted at the rate or rates in force$ s ch income'tax or$ as the case may #e$ >advance tax? Anot #eing >advance tax? in respect of any income chargea#!e to tax nder 2hapter EII or 2hapter EII'A or fringe #enefits chargea#!e to tax nder 2hapter EII'" or income chargea#!e to tax nder section )).C6 or s #'section ()A) of section )<) or section )</ or section )</A or section )<=6 of the Income'tax Act at the rates as specified in that 2hapter or section or s rcharge on s ch >advance tax? in respect of any income chargea#!e to tax nder section )).A or section )).A6 or section )).A2 or section )).A2A or section )).A8 or section )).6 or section )).66 or section )).66A or section )).662 or section )).9 or section )).C6 or fringe #enefits chargea#!e to tax nder section )).FAB sha!! #e charged$ ded cted or

comp ted at the fo!!o%ing rate or rates5* Paragraph A (I) In the case of every individ a! other than the individ a! referred to in items (II) and (III) of this Paragraph or "ind ndivided fami!y or association of persons or #ody of individ a!s$ %hether incorporated or not$ or every artificia! & ridica! person referred to in s #'c!a se (vii) of c!a se (()) of section 2 of the Income'tax Act$ not #eing a case to %hich any other Paragraph of this Part app!ies$* Rates of income'tax ()) %here the tota! income does not exceed Rs+ )$.0$000 (2) %here the tota! income exceeds Rs+)$.0$000 # t does not exceed Rs+ ($00$000 (() %here the tota! income exceeds Rs+ ($00$000 # t does not exceed Rs+ .$00$000 ,i!)0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ )$.0$000Rs+ ).$000 p! s 20 per cent of the amo nt #y %hich the tota! income

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exceeds Rs+ ($00$000(/) %here the tota! income exceeds Rs+ Rs+ ..$000 p! s (0 per cent of the .$00$000 amo nt #y %hich the tota! income exceeds Rs+ .$00$000+ (II) In the case of every individ a!$ #eing a %oman resident in India$ and #e!o% the age of sixty'five years at any time d ring the previo s year$* Rates of income'tax ()) %here the tota! income does not exceed Rs+ )$80$000 (2) %here the tota! income exceeds Rs+ )$80$000 # t does not exceed Rs+ ($00$000 (() %here the tota! income exceeds Rs+ ($00$000 # t does not exceed Rs+ .$00$000 (/) %here the tota! income exceeds Rs+ .$00$000 ,i!)0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ )$80$000-

Rs+ )2$000 p! s 20 per cent of the amo nt #y %hich the tota! income exceeds Rs+ ($00$000Rs+ .2$000 p! s (0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ .$00$000+ (III) In the case of every individ a!$ #eing a resident in India$ %ho is of the age of sixty' five years or more at any time d ring the previo s year$* Rates of income'tax ()) (2) (() %here the tota! income does not exceed Rs+ 2$2.$000 %here the tota! income exceeds Rs+ 2$2.$000 # t does not exceed Rs+ ($00$000 %here the tota! income exceeds Rs+($00$000 # t does not exceed Rs+ .$00$000 %here the tota! income exceeds Rs+ .$00$000 ,i!)0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ 2$2.$000Rs+ =$.00 p! s 20 per cent of the amo nt #y %hich the tota! income exceeds Rs+ ($00$000Rs+ /=$.00 p! s (0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ .$00$000+

(/)

S rcharge on income'tax The amo nt of income'tax comp ted in accordance %ith the preceding provisions of this Paragraph$ or in section )))A or section ))2$ sha!!$* (i) in the case of every individ a! or "ind ndivided fami!y or association of persons or #ody of individ a!s having a tota! income exceeding ten !a1h r pees$ #e increased #y a s rcharge for p rposes of the 4nion ca!c !ated at the rate of ten per cent of s ch income'tax(ii) in the case of every person$ other than those mentioned in item (i)$ #e increased #y a s rcharge for p rposes of the 4nion ca!c !ated at the rate of ten per cent of s ch income'tax5 Provided that in case of persons mentioned in item (i) a#ove having a tota! income exceeding ten !a1h r pees$ the tota! amo nt paya#!e as income'tax and s rcharge on s ch income sha!!

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not exceed the tota! amo nt paya#!e as income'tax on a tota! income of ten !a1h r pees #y more than the amo nt of income that exceeds ten !a1h r pees+ Paragraph 6 In the case of every co'operative society$* ()) (2) %here the tota! income does not exceed Rs+ )0 per cent of the tota! income)0$000 %here the tota! income exceeds Rs+)0$000 Rs+ )$000 p! s 20 per cent of the amo nt # t does not exceed Rs+ 20$000 #y %hich the tota! income exceeds Rs+ )0$000%here the tota! income exceeds Rs+ 20$000 Rs+ ($000 p! s (0 per cent of the amo nt #y %hich the tota! income exceeds Rs+ 20$000+ Rates of income'tax Paragraph 2 In the case of every firm$* Rate of income'tax 7n the %ho!e of the tota! income S rcharge on income'tax The amo nt of income'tax comp ted at the rate herein#efore specified$ or in section )))A or section ))2$ sha!!$ in the case of every firm having a tota! income exceeding one crore r pees$ #e increased #y a s rcharge for p rposes of the 4nion ca!c !ated at the rate of ten per cent of s ch income'tax 5 Provided that in the case of every firm having a tota! income exceeding one crore r pees$ the tota! amo nt paya#!e as income'tax and s rcharge on s ch income sha!! not exceed the tota! amo nt paya#!e as income'tax on a tota! income of one crore r pees #y more than the amo nt of income that exceeds one crore r pees+ Paragraph 8 In the case of every !oca! a thority$* Rate of income'tax 7n the %ho!e of the tota! income (0 per cent Paragraph 9 In the case of a company$* Rates of income'tax I+ In the case of a domestic company II+ In the case of a company other than a domestic company* (i) on so m ch of the tota! income as consists of$* (a) roya!ties received from :overnment or an Indian (0 per cent of the tota! income(0 per cent

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concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern after the ()st day of ;arch$ )0<) # t #efore the )st day of Apri!$ )0=<- or (#) fees for rendering technica! services received from :overnment or an Indian concern in p rs ance of an agreement made #y it %ith the :overnment or the Indian concern after the 20th day of Fe#r ary$ )0</ # t #efore the )st day of Apri!$ )0=<$ and %here s ch agreement has$ in either case$ #een approved .0 per cent#y the 2entra! :overnment (ii) on the #a!ance$ if any$ of the tota! income /0 per cent+ S rcharge on income'tax The amo nt of income'tax comp ted in accordance %ith the preceding provisions of this Paragraph$ or in section )))A or section ))2$ sha!!$ in the case of every company$ #e increased #y a s rcharge for p rposes of the 4nion ca!c !ated$* (i) in the case of every domestic company having a tota! income exceeding one crore r pees$ at the rate of ten per cent of s ch income'tax(ii) in the case of every company other than a domestic company having a tota! income exceeding one crore r pees at the rate of t%o and one'ha!f per cent5 Provided that in the case of every company having a tota! income exceeding one crore r pees$ the tota! amo nt paya#!e as income'tax and s rcharge on s ch income sha!! not exceed the tota! amo nt paya#!e as income'tax on a tota! income of one crore r pees #y more than the amo nt of income that exceeds one crore r pees+

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