THE SECOND SCHEDULE
[See Sections 104(1), (6), 109(2), 110(3), 111(2),
112(2), 230(11) and 314(225)]
Rates of other taxes
A.—Tax on book profit
1. The income-tax referred to in sub-section (1) of section 104 shall be calculated at the rate specified hereunder :—
Rate of tax
|
On the amount of book profit |
20 per cent. |
B.—Tax on distributed profits of a domestic company
2. The tax referred to in sub-section (2) of section 109 shall be calculated at the rate specified hereunder :—
Rate of tax
|
On the amount of dividend declared, distributed or paid by a domestic company |
15 per cent. |
C.—Tax on distributed income
3. The tax referred to in sub-section (3) of section 110 shall be calculated at the rates specified hereunder :—
Rates of tax
|
On the amount of income distributed by |
|
|
(i) a mutual fund to the unit holders of equity oriented fund ; or |
05 per cent. |
|
(ii) life insurer to the policy holders of an approved equity oriented life insurance scheme |
05 per cent. |
D.—Tax on branch profits
4. The tax referred to in sub-section (2) of section 111 shall be calculated at the rate specified hereunder :—
Rate of tax
|
On the branch profits |
15 per cent. |
E.—Tax on net wealth
5. The tax referred to in sub-section (2) of section 112 shall be calculated at the rates specified and in the manner provided hereunder :—
Rates of tax
|
(1) where the net wealth as on the valuation date does not exceed one crore rupees |
Nil |
|
(2) where the net wealth, as on the valuation date exceeds rupees one crore |
1 per cent. of the amount by which the net wealth exceeds one crore rupees |
The Second Schedule seeks to provide rates of other taxes, namely, tax on book profit, tax on distributed profits (dividend) of a domestic company tax on distributed income-tax on branch profits and tax on net wealth.
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