# The Finance Act, 1966, Section Second Schedule: Second Schedule

- Act: The Finance Act, 1966 (Act 13 of 1966)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1966/section/Second%20Schedule/

## 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 s. 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 case 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 | 7½ 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 ex-need 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 | 12½ per cent. of the adjusted total income: Provided that the annuity deposit to be made shall in no case exceed the aggregate ox 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 with out making any allowance under section 280O of that Act. [Finance Act, 1966] © Copyright. Taxmann Publications Pvt. Ltd.

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