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Finance bill 2008 Page X
May, 31st 2008

CHAPTER VIII

MISCELLANEOUS

117. The Seventh Schedule to the Finance Act, 2001 shall be amended in the manner specified in the Eighth Schedule.

118. In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, in section 13, in sub-section (1), for the words "for a period of five years computed from the appointed day", the words, figures and letters "for the period beginning on the appointed day and ending on the 31st day of March, 2009" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of February, 2008.

119. In the Finance (No. 2) Act, 2004, with effect from the 1st day of June, 2008,-

(i) in section 98, in the Table, for serial number 4 and the entries relating thereto, the following serial number and the entries shall respectively be substituted, namely:-

Sl. No. Taxable securities Rate Payable by transaction

(1) (2) (3) (4)

4 (a) Sale of an option in securities 0.017 per cent. Seller

(b) Sale of an option in  securities, where option is exercised 0.125 per cent. Purchaser

(c) Sale of a futures in securities 0.017 per cent. Seller;

(ii) in section 99, for clause (a), the following clause shall be substituted, namely:-

"(a) in the case of a taxable securities transaction relating to an option in securities, shall be-

(i) the option premium, in respect of transaction at item (a) of serial number 4 of the Table in section 98;

(ii) the settlement price, in respect of transaction at item (b) of serial number 4 of the Table in section 98;". 120. In the Finance Act, 2005,-

(i) in section 95, after sub-section (2), the following sub-section shall be inserted with effect from the 1st day of April, 2009, namely:-

''(3) Notwithstanding anything contained in sub-section (1), no banking cash transaction tax shall be charged in respect of any taxable banking transaction entered into on or after the 1st day of April, 2009.";

(ii) the Seventh Schedule shall be amended in the manner specified in the Ninth Schedule.

Declaration under the Provisional Collection of Taxes Act, 1931

It is hereby declared that it is expedient in the public interest that the provisions of clauses 72(i), 72(ii), 84, 117 and 120(ii) of this Bill shall have immediate effect under the Provisional Collection of Taxes Act, 1931.

THE FIRST SCHEDULE

(See section 2)

PART I

INCOME-TAX

Paragraph A

(I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,-

Rates of income-tax

(1) where the total income does not exceed Rs. 1,10,000 Nil;

(2) where the total income exceeds Rs.1,10,000 but does 10 per cent. of the amount by which the total income not exceed Rs. 1,50,000 exceeds Rs. 1,10,000;

(3) where the total income exceeds Rs. 1,50,000 but does Rs. 4,000 plus 20 per cent. of the amount by which the total not exceed Rs. 2,50,000 income exceeds Rs. 1,50,000;

(4) where the total income exceeds Rs. 2,50,000 Rs. 24,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 2,50,000.

(II) In the case of every individual, being a woman resident in India, and below the age of sixty-five  years at any time during the previous year,-

Rates of income-tax

(1) where the total income does not exceed Rs. 1,45,000 Nil;

(2) where the total income exceeds Rs. 1,45,000 but does 10 per cent. of the amount by which the total income not exceed Rs. 1,50,000 exceeds Rs. 1,45,000;

(3) where the total income exceeds Rs. 1,50,000 but Rs. 500 plus 20 per cent. of the amount by which the does not exceed Rs. 2,50,000 total income exceeds Rs. 1,50,000;

(4) where the total income exceeds Rs. 2,50,000 Rs. 20,500 plus 30 per cent. of the amount by which the total income exceeds Rs. 2,50,000.

(III) In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year,-

Rates of income-tax

(1) where the total income does not exceed Rs. 1,95,000 Nil;

(2 where the total income exceeds Rs. 1,95,000 but 20 per cent. of the amount by which the total income does not exceed Rs. 2,50,000 exceeds Rs. 1,95,000;

(3) where the total income exceeds Rs. 2,50,000 Rs. 11,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 2,50,000.

Surcharge on income-tax

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall,-

(i) in the case of every individual or Hindu undivided family or association of persons or body of individuals having a total income exceeding ten lakh 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;

(ii) 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 ten lakh 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 ten lakh rupees by more than the amount of income that exceeds ten lakh rupees.

Paragraph B

In the case of every co-operative society,-

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 Rs.1,000 plus 20 per cent. of the amount by not exceed Rs. 20,000 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.

Paragraph C

In the case of every firm,-

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 specified, or in section 111A or section 112, shall, in the case of every firm having a total income exceeding one crore rupees, 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 the case of every firm having a total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Paragraph D

In the case of every local authority,-

Rate of income-tax

On the whole of the total income 30 per cent.

Paragraph E

In the case of a company,-

Rates of income-tax

I. In the case of a domestic company 30 per cent. of the total income;

II. In the case of a company other than a domestic company-

(i) on so much of the total income as consists of,-

(a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; 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 50 per cent.; the Central Government

(ii) on the balance, if any, of the total income 40 per cent.

Surcharge on income-tax

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall, in the case of every company, be increased by a surcharge for purposes of the Union calculated,-

(i) in the case of every domestic company having a total income exceeding one crore rupees, at the rate of ten per cent. of such income-tax;

(ii) in the case of  every company other than a domestic company having a total income exceeding one crore rupees, at the rate of two and one-half per cent.:

Provided that in the case of every company having a total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. 

 
 
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