{"act":{"id":"finance-act-1964","short_title":"The Finance Act, 1964","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1964-1965.","act_number":"5","act_year":1964,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":57,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1964/"},"unit":"section","section":{"number":"Second Schedule","heading":"Second Schedule","text":"THE SECOND SCHEDULE (See section 3) Rates of Annuity Deposits (i) In the case of any depositor whose total income does not exceed Rs. 15,000. Nil. (ii) In the case of any depositor whose total income exceeds Rs. 15,000 but does not exceed Rs. 20,000— 5 per cent of the adjusted total income: Provided that the annuity deposit to be made shall in no ease exceed half the amount by which the total income exceeds Rs. 15,000. (iii) In the case of a depositor whose total income exceeds Rs. 20,000 but does not exceed Rs. 40,000— 7 1/2 per cent of the adjusted total income : Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :— (a) an amount calculated at five per cent on so much of the adjusted total income as does not exceed Rs. 20,000; (b) one-half of the amount by which the total income exceeds Rs. 20,000. (iv) In the case of a depositor whose total income exceeds Rs. 40,000 but does not exceed Rs. 70,000— 10 per cent of the adjusted total income : Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely : — (a) an amount calculated at seven and a half per cent on so much of the adjusted total income as does not exceed Rs. 40,000; (b) one-half of the amount by which the total income . exceeds Rs. 40,000. (v) In the case of a depositor whose total income exceeds Rs. 70,000— 12 1/2 per cent of the adjusted total income: Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely : — (a) an amount calculated at ten per cent on so much of the adjusted total income as does not exceed Rs. 70,000; (b) one-half of the amount by which the total income exceeds Rs. 70,000. Explanation—In this Schedule, \"total income\" means total income computed in the manner laid down in the Income-tax Act without making any allowance under section 280O of that Act. [Finance Act, 1964] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p>THE SECOND SCHEDULE</p><p>(See section 3)</p><p><i>Rates of</i> <i>Annuity Deposits</i></p><p>(<i>i</i>) In the case of any depositor whose total income does not exceed Rs. 15,000. <b><i>Nil.</i></b></p><p>(<i>ii</i>) In the case of any depositor whose total income exceeds Rs. 15,000 but does not exceed Rs. 20,000—</p><p>5 per cent of the adjusted total income:</p><p>Provided that the annuity deposit to be made shall in no ease exceed half the amount by which the total income exceeds Rs. 15,000.</p><p>(<i>iii</i>) In the case of a depositor whose total income exceeds Rs. 20,000 but does not exceed Rs. 40,000—</p><p>7 1/2 per cent of the adjusted total income :</p><p>Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :—</p><p><span class=\"num\">(a)</span> an amount calculated at five per cent on so much of the adjusted total income as does not exceed Rs. 20,000;</p><p><span class=\"num\">(b)</span> one-half of the amount by which the total income exceeds Rs. 20,000.</p><p>(<i>iv</i>) In the case of a depositor whose total income exceeds Rs. 40,000 but does not exceed Rs. 70,000—</p><p>10 per cent of the adjusted total income :</p><p>Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely : —</p><p>(<i>a</i>) an amount calculated at seven and a half per cent on so much of the adjusted total income as does not exceed Rs. 40,000;</p><p>(<i>b</i>) one-half of the amount by which the total income . exceeds Rs. 40,000.</p><p>(<i>v</i>) In the case of a depositor whose total income exceeds Rs. 70,000—</p><p>12 1/2 per cent of the adjusted total income:</p><p>Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely : —</p><p>(<i>a</i>) an amount calculated at ten per cent on so much of the adjusted total income as does not exceed Rs. 70,000;</p><p>(<i>b</i>) one-half of the amount by which the total income exceeds Rs. 70,000.</p><p><i>Explanation</i>—In this Schedule, \"total income\" means total income computed in the manner laid down in the Income-tax Act without making any allowance under section 280O of that Act.</p><p>[Finance Act, 1964]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":367,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1964/section/Second%20Schedule/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}