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THE FINANCE (No. 2) ACT, 2009

Title : THE FINANCE (No. 2) ACT, 2009

Year : 2009



Notwithstanding anything contained in the Income-tax Act, the North Eastern Development Finance Corporation Limited (a company formed and registered under the Companies Act, 1956) (1 of1956.) shall not be liable to pay tax on its income for the previous year relevant to the assessment year commencing on the 1st day of April, 1996 and for the nine previous years next following that previous year.



In the Indian Post Office Act, 1898, with effect from such date as the, Central Government may, by notification in the Official Gazette, appoint, for the First Schedule, the following Schedule shall be substituted, namely:-

(See section 7)

INLAND POSTAGE RATES

Letters

For a weight not exceeding twenty grains Re. 1.00

For every twenty grains, or fraction thereof,exceeding twenty grains Re. 1.00

Letter-cards

For a letter-card 75 paise.

Post cards (not being post cards containing printed communication or competition post cards)

Single 15 paise

Reply 30 paise.

Post cards containing printed communication (not being competition post cards)

For a post card Re. 1.00

Explanation.- A post card shall be deemed to contain a printed communication, if any matter (except the name and address of, and other particulars relating to, the sender and the place and date of dispatch) is recorded by printing or by cyclostyling or by any other mechanical process, not being typewriting, on any part of the post card except the right hand half of the address-side thereof.

Competition post cards

For a post card Rs. 2.00

Explanation.- A post card shall be deemed to be a competition post card if it is used in response to any competition organised on or through television, radio, newspaper, magazine or any other media.

Book, pattern and sample packets

For the first fifty grams or fraction thereof Re. 1.00

For every additional one hundred grams, or fraction thereof, in excess of fifty grams Re. 1.00

Registered newspapers

For a weight not exceeding fifty grams 15 paise

For a weight exceeding fifty grams but not exceeding one hundred grams 25 paise

For every additional one hundred grams, or fraction thereof, exceeding one hundred grams 10 paise.

In the case of more than one copy of the same issue of a registered newspaper being carried in the same packet-

For a weight not exceeding one hundred grams 25 paise

For every additional one hundred grams, or fraction thereof, exceeding one hundred grams 10 paise:

Provided that such packet shall not be delivered at any addressees residence but shall be given to a recognised agent at the
Post Office.

Parcels

For a weight not exceeding five hundred grams Rs. 6.00

For every five hundred grams, or fraction thereof, exceeding five hundred grams Rs. 6.00.



Section 2 of the Finance Act, 1996 (5 of 1996) is hereby repealed and shall be deemed never to have been enacted.


THE FIRST SCHEDULE
(See section 2)

PART I
INCOME-TAX
Paragraph A

Sub-Paragraph I

In the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which 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. 40,000

(2) Where the total income exceeds 20 per cent. of the Rs. 40,000 but does not exceed amount by which the Rs. 60,000 which the total income exceeds Rs. 40.000;

(3) Where the total income exceeds Rs. 4,000 plus 30 per cent. Rs. 60,000 but does not exceed. of amount by which Rs. 1,20,000 the total income exceeds Rs. 60,000;

(4) Where the total income exceeds Rs. Rs. 22,000 plus 40 per
1,20,000 cent. of the amount by which the total income exceeds Rs. 1,20,000.

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, 1996 exceeds Rs. 40,000,-

Rates of income-tax

(1) where the total income does not Nil; exceed Rs. 18,000

(2) Where the total income exceeds 30 per cent. of the amount Rs. 18,000 but does not exceed by which the total income Rs. 1,00,000 exceeds Rs.18,000;

(3) Where the total income exceeds Rs. 24,600 plus 40 per Rs. 1,00,000 cent. of the amount by which the total income exceeds Rs. 1,00,000.

Paragraph B

In the case of every co-operative society,-

Rates of income-tax

(1) Where the total income does 10 per cent. of the total not exceed Rs. 10,000 income;

(2) Where the total income exceeds Rs.1,000 plus 20 per cent. Rs. 10,000 but does not exceed of the amount by which the Rs. 20,000 total income exceeds Rs.10,000.

(3) Where the total income exceeds Rs. 3,000 plus 35 per Rs. 20,000 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 40 per cent.

Paragraph D

In the case of every local authority,-

Rate of income-tax

On the whole of the total income 30 per cent.

Paragraph E

In the case of a company-

Rates of income-tax

I. In the case of a domestic company 40 per cent. of the total income;

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

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

(a) Royalties received from Government or an Indian concern in pursuance of an agreement made by it with the (Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976, or

(b) Fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of
February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either 50 per cent.; case, been approved by the Central Government;

(ii) On the balance, if any. of the 55 per cent. total income

Surcharge on income-tax

The amount of income-tax computed in accordance with the provisions of this Paragraph or sections 112 and 113 of the Income-tax Act, shall, in the case of every domestic company having a total income exceeding seventy-five thousand rupees, be increased by a surcharge calculated at the rate of fifteen 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:-

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Rate of income-tax

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1. In 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 than 10 per cent.;"Interest on securities"

(ii) On income by way of winnings from lotteries 40 per cent.;and crossword puzzles

(iii) On income by way of winnings from horse races 40 per cent.;

(iv) On income by way of insurance commission 10 per cent.;

(v) On income by way of interest payable on 10 per cent.;

(A) Any security of the Central or a State Government

(B) Any debentures 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 on a recognised stock exchange in India in accordance with the Securities Contracts

(Regulation) Act, 1956 and any rules made there under

(vi) In any other income 20 per cent.

(b) Where the person is not resident in India-

(i) In the case of a non-resident Indian-

(A) On investment income and long-term 20 per cent.;capital gains

(B) On income by way of dividends and interest payable by Government or an Indian concern on moneys borrowed 20 per cent. or debt incurred by Government or the p Indian concern in foreign currency

(C) On income by way of winnings from lotteries and crossword puzzles 40 per cent.;

(D) On income by way of winnings from horse races 40 per cent.;

(E) On the whole of other income income-tax at 30per cent.of the amount of income or income-tax in respect of the income at the rates prescribed in Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher;

(ii) In the case of any other person-

(A) on income by way of dividends, 20 per cent. interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency

(B) On income by way of winnings from lotteries and crossword puzzles 40 per cent.;

(C) On income by way of winnings from horse races 40 per cent.;

(D) On income by way of long-term capital gains 20 per cent.;

(E) On the whole of the other income, income-tax at 30 per cent of the amount of income or income-tax in respect of the income at the rates prescribed in Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher.

2. In the case of a company-

(a) Where the company is a domestic company-

(i) On income by way of interest 20 per cent.; other than "Interest on securities"

(ii) On income by way. of winning fro 40 per cent.; lotteries and crossword puzzles

(iii) On income by way of winnings from 40 per cent.; horse races

(iv) On any other income 21.5 per cent.;

(b) Where the company is not a domestic company-

(i) On income by way of dividends payable by any domestic company 20 per cent.;

(ii) On income by way of winnings from 40 per cent.; lotteries and crossword puzzles

(iii) On income by way of winnings from 40 per cent.; horse races

(iv) On income by way of interest payable by Government on an Indian concern 20 per cent.; on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency

(v) On income by way of royalty payable by Government or an Indian concern in 20 per cent 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 respect 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 India

(vi) On income by way of royalty [not being royalty of the nature referred to in sub-item (b) (v)] 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 industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy-

(A) Where the agreement is made after the 31st 50 per cent.;day of March, 1961 but before the 1st day of April, 1976.

(B) Where the agreement is made after the 31st day of March,1976 30 per cent.;

(vii) 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 approved 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 policy-

(A ) Where the agreement is made after the 29th day of February, 1964 but before the 1st day of April, 1976 50 per cent.;

(B) Where the agreement is made after the 31st day of March,1976 30 per cent.;

(viii) On income by way of long-term capital gains

(viii) On income by way of long-term capital gains 20 per cent.;

(ix) On any other income 35 per cent.;

Explanation.-For the purpose of item 1 (b)(i) of this Part, "investment income" and " non-resident Indian" 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 provisions of sub-item (a) of item 2 of this Part shall be increased by a surcharge calculated at the rate of seven-and-a-half per cent. of such income-tax.

PART III

RATES FOR CALCULATING OR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE BEAD "SALARIES"

AND COMPUTING "ADVANCE TAX"

In cases in which income-tax has to be calculated under the first proviso to subsection (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or subsection (2) of section 17.6 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" 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" [not being "advance tax" in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act at the rates as specified in that Chapter or section or surcharge on such "advance tax" in respect of any income chargeable to tax under section 115B], shall be calculated, charged, deducted or computed at the following rate or rates:-

Paragraph A

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

Rates of income-tax

(1) Where the total income does Nil;not exceed Rs. 40,000

(2) Where the total income exceeds 15 per cent. of the amount by Rs. 40,000 but does not exceed which the total income exceeds Rs. 60,000 Rs. 3,000 plus 30 per cent. of the amount exceed Rs. 1,20,000 by which the total income exceeds Rs. 1,20,000;

(3) Where the total income exceeds Rs. 3,000 plus 30 per cent. Rs. 60,000 but does not of the amount exceed Rs.1,20,000 by which the total income exceeds Rs. 60,000;

(4) Where the total income exceeds Rs. 21,000 plus 40 per cent. of
Rs. 1,20,000 the amount by which the total income exceeds Rs. 1,20,000.

Paragraph B

In the case of every co-operative society,-

Rates of income-tax

(1) Where the total income does 10 per cent. of the total in-not exceed Rs. 10,000 come;

(2) Where the total income Rs. 1,000 plus 20 per cent. of exceeds Rs. 10,000 but does the by which the total income not amount exceed Rs.20,000 exceeds Rs. 10,000;

(3) Where the total income exceeds Rs. 3,000 plus 35 per cent. of
Rs. 20,000 amount by which the total income exceeds Rs.20,000.

Paragraph C

In the case of every firm,- 40 per cent.

Rate of income-tax

On the whole of the total income 40 per cent.

Paragraph D

In the case of every local authority,-

Rate of income-tax

On the whole of the total income 30 per cent.

Paragraph E

In the case of a Company,-

Rates of income-tax

I. In the case of a domestic company 40 per cent. of the total income;

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

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

(a) Royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March,1961 but before the 1st day of April, 1976, or

(b) Fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976,and where such agreement has, in either case, been 50 per cent.;approved by the Central Government 55 per cent.;

(ii) On the balance, if any,of the total income Surcharge on income- tax

The amount of income-tax computed in accordance with the provisions of this Paragraph or sections 112 and 113 of the Income tax Act shall, in the case of every domestic company having a total income exceeding seventy-five thousand rupees, be increased by a surcharge calculated at the rate of seven-and-a-half per cent. of such income-tax.
Last updated on September, 2016

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