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REGISTERED NO. DL—(N)04/0007/2003—24
The Gazette of India
EXTRAORDINARY
PART II — Section 2
PUBLISHED BY AUTHORITY
No. 8] NEW DELHI, TUESDAY, JULY 23, 2024/SRAVANA 1, 1946 (SAKA)
Separate paging is given to this Part in order that it may be filed as a separate compilation.
LOK SABHA
————
The following Bill was introduced in Lok Sabha on 23rd July, 2024:—
BILL NO. 55 OF 2024
A Bill to give effect to the financial proposals of the Central Government
for the financial year 2024-2025.
BE it enacted by Parliament in the Seventy-fifth Year of the Republic of India
as follows:—
CHAPTER I
PRELIMINARY
1. (1) This Act may be called the Finance (No. 2) Act, 2024.
Short title and
commencement.
(2) Save as otherwise provided in this Act,––
(a) sections 2 to 87 shall be deemed to have come into force on the
1st day of April, 2024;
(b) sections 110 to 153 shall come into force on such date as the Central
Government may, by notification in the Official Gazette, appoint.
CHAPTER II
RATES OF INCOME-TAX
2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment
year commencing on the 1st day of April, 2024, income-tax shall be charged at the
rates specified in Part I of the First Schedule and such tax shall be increased by a
surcharge, for the purposes of the Union, calculated in each case in the manner
provided therein.
Income-tax.
(2) In the cases to which Paragraph A of Part I of the First
Schedule applies, or in the cases where income is chargeable to
tax under sub-section (1A) of section 115BAC of the Income tax Act, 1961 (hereinafter referred to as the Income-tax Act)
and, where the assessee has, in the previous year, any net
agricultural income exceeding five thousand rupees, in addition
to total income, and the total income exceeds two lakh fifty
thousand rupees, then,—
43 of 1961.
(a) the net agricultural income shall be taken into
account, in the manner provided in clause (b) (that is to say,
as if the net agricultural income were comprised in the total
income after the first two lakh fifty thousand rupees of the
total income but without being liable to tax), only for the
purpose of charging income-tax in respect of the total
income; and
(b) the income-tax chargeable shall be computed as
follows:—
(i) the total income and the net agricultural income
shall be aggregated and the amount of income-tax shall
be determined in respect of the aggregate income at the
rates specified in the said Paragraph A or sub-section
(1A) of section 115BAC, as if such aggregate income
were the total income;
(ii) the net agricultural income shall be increased by
a sum of two lakh fifty thousand rupees, and the amount
of income-tax shall be determined in respect of the net
agricultural income as so increased at the rates specified
in the said Paragraph A or sub-section (1A) of section
115BAC, as if the net agricultural income as so increased
were the total income;
(iii) the amount of income-tax determined in
accordance with sub-clause (i) shall be reduced by the
amount of income-tax determined in accordance with
sub-clause (ii) and the sum so arrived at shall be the
income-tax in respect of the total income:
Provided that in the case of every individual, being a
resident in India, who is of the age of sixty years or more but
less than eighty years at any time during the previous year,
referred to in item (II) of Paragraph A of Part I of the First
Schedule, the provisions of this sub-section shall have effect
as if for the words “two lakh fifty thousand rupees”, the
words “three lakh rupees” had been substituted:
Provided further that in the case of every individual,
being a resident in India, who is of the age of eighty years or
more at any time during the previous year, referred to in item
(III) of Paragraph A of Part I of the First Schedule, the
provisions of this sub-section shall have effect as if for the
words “two lakh fifty thousand rupees”, the words “five lakh
rupees” had been substituted:
Provided also that in the cases where income is
chargeable to tax under sub-section (1A) of section 115BAC
of the Income-tax Act, the provisions of this sub-section
shall have effect as if for the words “two lakh fifty thousand
rupees”, the words “three lakh rupees” had been substituted.
(3) In cases to which the provisions of Chapter XII or
Chapter XII-A or section 115JB or section 115JC or Chapter
XII-FA or Chapter XII-FB or sub-section (1A) of section 161
or section 164 or section 164A or section 167B of the Income tax Act apply, the tax chargeable shall be determined as
provided in that Chapter or that section, and with reference to
the rates imposed by sub-section (1) or the rates as specified in
that Chapter or section, as the case may be:
Provided that the amount of income-tax computed in
accordance with the provisions of section 111A or section 112
or section 112A of the Income-tax Act shall be increased by a
surcharge, for the purposes of the Union, as provided in
Paragraph A, B, C, D or E, as the case may be, of Part I of the
First Schedule, except in case of a domestic company whose
income is chargeable to tax under section 115BAA or section
115BAB of the Income-tax Act or in case of an individual or
Hindu undivided family or association of persons, or body of
individuals, whether incorporated or not, or an artificial
juridical person referred to in sub-clause (vii) of clause (31) of
section 2 of the Income-tax Act whose income is chargeable to
tax under sub-section (1A) of section 115BAC of the Income tax Act, or in case of co-operative society resident in India,
whose income is chargeable to tax under section 115BAD or
under section 115BAE of the Income-tax Act:
Provided further that in respect of any income chargeable
to tax under sections 115A, 115AB, 115AC, 115ACA, 115AD,
115B, 115BA, 115BB, 115BBA, 115BBC, 115BBF, 115BBG,
115BBH, 115BBI, 115BBJ, 115E, 115JB or 115JC of the
Income-tax Act, the amount of income-tax computed under this
sub-section shall be increased by a surcharge, for the purposes
of the Union, calculated,—
(a) in the case of every individual or Hindu undivided
family or association of persons except in a case of an
association of persons consisting of only companies as its
members, 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 having any income under section 115AD of the Income tax Act, and not having any income chargeable to tax under
sub-section (1A) of section 115BAC of the Income-tax
Act,—
(i) having a total income exceeding fifty lakh rupees
but not exceeding one crore rupees, at the rate of ten per
cent. of such income-tax;
(ii) having a total income exceeding one crore rupees,
but not exceeding two crore rupees, at the rate of fifteen
per cent. of such income-tax;
(iii) having a total income exceeding two crore rupees,
but not exceeding five crore rupees, at the rate of twenty five per cent. of such income-tax; and
(iv) having a total income exceeding five crore rupees,
at the rate of thirty-seven per cent. of such income-tax;
(b) in the case of every individual or association of
persons, except in a case of an association of persons
consisting of only companies as its members 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, having income under
section 115AD of the Income-tax Act, and not having any
income chargeable to tax under sub-section (1A) of section
115BAC of the Income-tax Act,—
(i) having a total income exceeding fifty lakh rupees
but not exceeding one crore rupees, at the rate of ten per
cent. of such income-tax;
(ii) having a total income exceeding one crore
rupees, but not exceeding two crore rupees, at the rate of
fifteen per cent. of such income-tax;
(iii) having a total income [excluding the income by
way of dividend or income of the nature referred to in
clause (b) of sub-section (1) of section 115AD of the
Income-tax Act] exceeding two crore rupees but not
exceeding five crore rupees, at the rate of twenty-five per
cent. of such income-tax;
(iv) having a total income [excluding the income by
way of dividend or income of the nature referred to in
clause (b) of sub-section (1) of section 115AD of the
Income-tax Act] exceeding five crore rupees, at the rate
of thirty-seven per cent. of such income-tax; and
(v) having a total income [including the income by
way of dividend or income of the nature referred to in
clause (b) of sub-section (1) of section 115AD of the
Income-tax Act] exceeding two crore rupees but is not
covered in sub-clauses (iii) and (iv), at the rate of fifteen
per cent. of such income-tax:
Provided that in case where the total income includes
any income by way of dividend or income chargeable under
clause (b) of sub-section (1) of section 115AD of the
Income-tax Act, the rate of surcharge on the income-tax
calculated on that part of income shall not exceed fifteen per
cent.:
Provided further that where the total income of a person,
being a specified fund referred to in clause (c) of the
Explanation to clause (4D) of section 10 of the Income-tax
Act, includes any income under clause (a) of sub-section (1)
of section 115AD of the Income-tax Act, the income-tax
computed on that part of income shall not be increased by
any surcharge;
(c) in the case of an association of persons consisting of
only companies as its members,—
(i) at the rate of ten per cent. of such income-tax,
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