Amendment of Act No. 23 of 2019
In section 2 of the Finance (No. 2) Act, 2019 [hereafter in this Chapter referred to as the Finance (No. 2) Act], in sub-section (9), with effect from the 1st day of April, 2019,—
| (a) | in the second proviso, for the words “First Schedule”, the words, figures and letters “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” shall be inserted and shall be deemed to have been inserted; | |
| (b) | in the third proviso,— |
| (i) | in clause (a) for the words “the Income-tax Act” the words, figures and letters “the Income-tax Act, not having any income under section 115AD of the Income-tax Act” shall be inserted and shall be deemed to have been inserted; | |
| (ii) | after clause (a), the following clause shall be inserted and shall be deemed to have been inserted, namely:— |
| ‘(aa) in the case of individual or every association of persons 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,— | ||
| (i) | at the rate of ten per cent of such “advance tax”, where the total income exceeds fifty lakh rupees, but does not exceed one crore rupees; | |
| (ii) | at the rate of fifteen per cent of such “advance tax”, where the total income exceeds one crore rupees but does not exceed two crore rupees; | |
| (iii) | at the rate of twenty-five per cent of such “advance tax”, where the total income [excluding the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds two crore rupees but does not exceed five crore rupees; | |
| (iv) | at the rate of thirty-seven per cent of such “advance tax”, where the total income [excluding the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds five crore rupees; | |
| (v) | at the rate of fifteen per cent of such “advance tax”, where the total income [including the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds two crore rupees but is not covered in sub-clauses (iii) and (iv): | |
| Provided that in case where the total income includes any income chargeable under clause (b) of sub-section (1) of section 115AD of the Income-tax Act, the rate of surcharge on the advance tax calculated on that part of income shall not exceed fifteen per cent;’; |
| (iii) | in clause (c), in the opening portion, for the words “domestic company”, the words, figures and letters “domestic company except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act,” shall be inserted and shall be deemed to have been inserted; |
| (c) | in the fourth proviso, for the words, brackets and letter “in (a) above”, the words, brackets and letters “in (a) and (aa) above” shall be substituted; | |
| (d) | after the eighth proviso, the following proviso shall be inserted, namely:— | |
| ‘Provided also that in case of every domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act, the advance tax computed under the first proviso shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of ten per cent of such “advance tax”.’ |
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