रजिस्ट्रीसं ० डी-(डी) -72
REGISTERED No. D- ( D) -72
भारत का राजपत्र
The Gazette of India
असाधारण
EXTRAORDINARY
भाग II - खण्ड :
PART II- Section 1
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
सं० 42)
No. 42]
नई दिल्ली, शुक्रवार , अगस्त 1, 1975/ श्रावण 10 , 1897 NEW DELHI , FRIDAY, AUGUST 1 , 1975/ SRAVANA 10 , 1897
इस भाग में भिन्न पृष्ठ संख्या की जाती है जिससे कि यह अलग संकलन के रूप में रखा जा सके । Separate paging is given to this Part in order that it may be filed as a separate compilation
MINISTRY OF LAW , JUSTICE AND COMPANY AFFAIRS (Legislative Department)
New Delhi , the 1st August , 1975 / Sravana 10 , 1897 ( Saka )
The following Act of Parliament received the assent of the President on the 31st July , 1975, and is hereby published for general informa- tion:-
THE FINANCE ( AMENDMENT) ACT , 1975
No. 34 OF 1975
[31st July , 1975 ]
An Act to amend the Finance Act , 1975 .
BE it enacted by Parliament in the Twenty - sixth Year of the Republic ofIndia as follows :-
1. This Act may be called the Finance (Amendment ) Act , 1975 .
Short title.
25 of 1975 .
Amend- ment of section 2.
2. In section 2 of the Finance Act , 1975 ( hereinafter referred to as the principal Act) , in sub -section ( 7) , for the words " six thousand rupees" , wherever they occur , the words " eight thousand rupees " shall be substituted , and shall be deemed to have been substituted with effect from the 1st day of April , 1975 .
Amend- ment of the First Schedule.
3.In the First Schedule to the principal Act , for Paragraph A of Part III , the following Paragraph shall be substituted , and shall be deemed to have been substituted with effect from the 1st day of April , 1975 , namely:-
" PARAGRAPH A
Sub-Paragraph I
In the case of every individual or Hindu undivided family or unregistered firm or other association of persons or body of indivi- duals, 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
(241) [PART II-
THE GAZETTE OF INDIA EXTRAORDINARY
242
Paragraph or any other Paragraph of this Part applies ,-
Rates of income - tax
(1) where the total income does not exceed Rs . 8,000 Nil;
(2) where the total income exceeds Rs . 8,000 but does not exceed Rs . 15,000
17 per cent . of the amount by which the total income exceeds Rs . 8,000 ;
(3 ) where the total income exceeds Rs . 15,000 but does not exceed Rs . 20,000
Rs . 1,190 plus 20 per cent . of the amount by which the total in- come exceeds Rs . 15,000 ;
(4) where the total income exceeds Rs . 20,000 but does not exceed Rs . 25,000
Rs . 2,190 plus 30 per cent . of the amount by which the total in- come exceeds Rs . 20,000 ;
(5) where the total income exceeds Rs . 25,000 but does not exceed Rs . 30,000
Rs . 3,690 plus 40 per cent , of the amount by which the total in- come exceeds Rs . 25,000 ;
(6) where the total income exceeds Rs . 30,000 but does not exceed Rs . 50,000
Rs . 5,690 plus 50 per cent . of the amount by which the total in- come exceeds Rs . 30,000 ;
(7) where the total income exceeds Rs . 50,000 but does not exceed Rs . 70,000
Rs . 15,690 plus 60 per cent . of the amount by which the total in- come exceeds Rs . 50,000 ;
(8) where the total income exceeds Rs . 70,000
Rs . 27,690 plus 70 per cent. of the amount by which the total in- come exceeds Rs . 70,000 .
Surcharge on income - tax
The amount of income- tax computed in accordance with the preceding provisions of this Sub - Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent . of such income - tax .
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 , 1976 exceeds Rs . 8,000 ,-
Rates of income - tax
Nil;
(1) where the total income does not exceed Rs . 8,000
(2) where the total income exceeds Rs . 8,000 but does not exceed Rs . 15,000
20 per cent . of the amount by which the total income exceeds Rs. 8,000 ;
(3) where the total income exceeds Rs . 15,000 but does not exceed Rs . 20,000
Rs . 1,400 plus 30 per cent of the amount by which the total in- come exceeds Rs . 15,000 ;
Rs . 2,900 plus 40 per cent, of the amount by which the total in- come exceeds Rs . 20,000 ;
(4) where the total income exceeds Rs . 20,000 but does not exceed Rs . 25,000
Rs . 4,900 plus 50 per cent. of the amount by which the total in- come exceeds Rs . 25,000 ;
(5) where the total income exceeds Rs . 25,000 but does not exceed Rs . 30,000 THE GAZETTE OF INDIA EXTRAORDINARY
SEC . 1 ]
243
(6) where the total income exceeds Rs . 30,000 but does not exceed Rs . 50,000 Rs . 7,400 plus 60 per cent . of the amount by which the total in- come exceeds Rs . 30,000;
(7) where the total income Rs . 19,400 plus 70 per cent . of the exceeds Rs . 50,000 amount by which the total in- come exceeds Rs . 50,000 .
Surcharge on income - tax
The amount of income - tax computed in accordance with the preceding provisions of this Sub- Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent , of such income - tax ." .
43 of 1961 .
4. Notwithstanding the amendments made by this Act to the principal Act , where , in the case of an assessee , an order has been made by the Income- tax Officer under section 210 of the Income-tax Act , 1961 and in pursuance thereof a notice of demand for payment of advance tax during the financial year commencing on the 1st day of April , 1975 has been issued by the Income- tax Officer before the commencement of this Act,-
Special provision in rela- tion to advance tax pay- able during the finan- cial year 1975-76..
( i) the validity of such order or notice shall not be called in question merely on the ground that the rate or rates for the purposes of computing the advance tax have been varied by this Act ;
( ii) every such order and notice of demand shall have effect as if the amount of advance tax specified therein had been substi- tuted by the amount of advance tax computed in accordance with the rate or rates as so varied ; and
( iii ) the excess amount , if any, paid by the assessee in an in- stalment due on the 15th day of June , 1975 may be adjusted against the amount payable in the instalment due on the 15th day of September, 1975 .
43 of 1961 .
Explanation . All words and expressions used in this section which are defined in the Income- tax Act , 1961 shall have the meanings , respec- tively, assigned to them in that Act .
K. K. SUNDARAM , Secy . to the Govt . of India .
PRINTED BY THE GENERAL MANAGER , GOVERNMENT OF INDIA PRESS , MINTO ROAD , NEW DELHI , AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELH , 1975