Second Schedule
Section Second Schedule of the Finance Act, 1964 deals with second Schedule. THE SECOND SCHEDULE (See section 3) Rates of Annuity Deposits (i) In the case of any depositor whose total income does not exceed Rs.
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]
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Second Schedule, The Finance Act, 1964 (Act 5 of 1964).
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Questions about Section Second Schedule
What does Section Second Schedule of the Finance Act deal with?
Section Second Schedule of the Finance Act is headed "Second Schedule". THE SECOND SCHEDULE (See section 3) Rates of Annuity Deposits (i) In the case of any depositor whose total income does not exceed Rs.
How do I find court cases under Section Second Schedule of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1964 Second Schedule, section Second Schedule Finance Act 1964, section Second Schedule of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section Second Schedule of the Finance Act, and has it changed?
Its own text turns on section 3 (Annuity deposit), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1964 as Act 5 of 1964. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5142 words
- 44. Insertion of new Chapter4282 words
- 2. Income-tax and super-tax1285 words
- 52. Amendment of Act 18 of 19581055 words
- 51. Amendment of Act 29 of 1957796 words
- 30. Substitution of new section for section 132712 words
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