law: The Finance Act, 2009
  2. Income-tax. -
  The provisions of
  
  section 2 of, and the First Schedule to, the Finance Act, 2008, shall apply in
  
  relation to income-tax for the assessment year or, as the case may be, the
  
  financial year commencing on the 1st day of April, 2009, as they apply in
  
  relation to income-tax for the assessment year or, as the case may be, the
  
  financial year commencing on the 1st day of April, 2008, with the following
  
  modifications, namely:-
  (a) in section 2,- (i)
  
  for sub-section (1), the following sub-section shall be substituted,
  
  namely:-"
  (1) Subject to the
  
  provisions of sub-sections (2) and (3), for the assessment year commencing on
  
  the 1st day of April, 2009, 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 purposes of the Union, calculated in each case in the manner provided
  
  therein.";(ii) in sub-section (2),-
  A.  
  
    in
  
  the opening portion and in clause (a) and sub-clause (ii) of clause (b), for
  
  the words "one lakh ten thousand rupees", the words "one lakh
  
  fifty thousand rupees" shall be substituted;
  B.  
  
    in
  
  the first provision,-
   
  
   I.  
  
    for
  
  the words ' "one lakh ten thousand rupees" ', the words ' "one
  
  lakh fifty thousand rupees" ' shall be substituted;
  for
  
  the words ' "one lakh forty-five thousand rupees" ', the words '
  
  "one lakh eighty thousand rupees" ' shall be substituted;
  A.  
  
  
  B.  
  
  
  C.  
  
    in
  
  the second proviso,-
   
  
   I.  
  
    for
  
  the words ' "one lakh ten thousand rupees" ', the words ' "one
  
  lakh fifty thousand rupees" ' shall be substituted;
  for
  
  the words ' "one lakh ninety-five thousand rupees" ', the words '
  
  "two lakh twenty-five thousand rupees" ' shall be substituted;
  A.  
  
  
  B.  
  
  
  C.  
  
  
  D.  
  
    in
  
  the third proviso, the words, figures and letter ", as reduced by the
  
  amount of rebate of income-tax calculated under Chapter VIII-A of the Income-tax
  
  Act," shall be omitted;
  (iii) in sub-section
  
  (3), in the opening portion, for the words "the Income-tax Act", the
  
  words, figures and brackets "the Income-tax Act, 1961 (hereinafter
  
  referred to as the Income-tax Act)" shall be substituted;
  (iv) in sub-section
  
  (13), in clause (a), for the figures "2008", the figures
  
  "2009" shall be substituted;
  (b) in the First
  
  Schedule,-
  (i) for Part I, the
  
  following Part shall be substituted, namely:-"PART IINCOME-TAX Paragraph
  
  A(I) In the case of every individual other than the individual referred to in
  
  items (II) and (III) of this Paragraph or Hindu undivided family or 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, not being a case to which any other Paragraph
  
  of this Part applies,-
  Rates of income-taX
  1.  
  
    where
  
  the total income does not Nil; exceed Rs. 1,50,000
  2.  
  
    where
  
  the total income exceeds 10 per cent. of the amount by which the Rs.1,50,000
  
  but does not exceed total income exceeds Rs. 1,50,000; Rs. 3,00,000
  3.  
  
    where
  
  the total income exceeds Rs. 15,000 plus 20 per cent. of the amount Rs.
  
  3,00,000 but does not exceed by which the total income exceeds Rs. 5,00,000 Rs.
  
  3,00,000;
  4.  
  
  
  
    where
  
  the total income exceeds Rs. 55,000 plus 30 per cent. of the amount Rs.
  
  5,00,000 by which the total income exceeds Rs. 5,00,000.
  (II) In the case of
  
  every individual, being a woman resident in India, and below the age of
  
  sixty-five years at any time during the previous year,- Rates of income-taX
  1.  
  
    where
  
  the total income does not Nil; exceed Rs. 1,80,000
  2.  
  
    where
  
  the total income exceeds 10 per cent. of the amount by which the total Rs.
  
  1,80,000 but does not exceed income exceeds Rs. 1,80,000; Rs. 3,00,000
  3.  
  
  
  
    where
  
  the total income exceeds Rs. 12,000 plus 20 per cent. of the amount by Rs.
  
  3,00,000 but does not exceed which the total income exceeds Rs. 3,00,000; Rs.
  
  5,00,000
  4.  
  
    where
  
  the total income exceeds Rs. 52,000 plus 30 per cent. of the amount Rs. 5,00,000
  
  by which the total income exceeds Rs. 5,00,000.
  (III) In the case of
  
  every individual, being a resident in India, who is of the age of sixty-five
  
  years or more at any time during the previous year,- Rates of income-taX
  1.  
  
    where
  
  the total income does not Nil; exceed Rs. 2,25,000
  2.  
  
  
  
    where
  
  the total income exceeds 10 per cent. of the amount by which the total Rs.
  
  2,25,000 but does not exceed income exceeds Rs. 2,25,000; Rs. 3,00,000
  3.  
  
    where
  
  the total income exceeds Rs. 7,500 plus 20 per cent. of the amount by Rs.
  
  3,00,000 but does not exceed which the total income exceeds Rs. 3,00,000; Rs.
  
  5,00,000
  4.  
  
    where
  
  the total income exceeds Rs. 47,500 plus 30 per cent. of the amount by Rs.
  
  5,00,000 which the total income exceeds Rs. 5,00,000.Surcharge on income-taX
  The amount of
  
  income-tax computed in accordance with the preceding provisions of this
  
  Paragraph, or in section 111A or section 112, shall,-
  (i) in the case of
  
  every individual or Hindu undivided family or association of persons or body of
  
  individuals having a total income exceeding ten lakh rupees, be increased by a
  
  surcharge for purposes of the Union calculated at the rate of ten per cent. of
  
  such income-tax;
  (ii) in the case of
  
  every person, other than those mentioned in item
  (i), be increased by
  
  a surcharge for purposes of the Union calculated at the rate of ten per cent.
  
  of such income-tax:
  Provided that in case
  
  of persons mentioned in item
  (i) above having a
  
  total income exceeding ten lakh rupees, the total amount payable as income-tax
  
  and surcharge on such income shall not exceed the total amount payable as
  
  income-tax on a total income of ten lakh rupees by more than the amount of
  
  income that exceeds ten lakh rupees.
  Paragraph B In the
  
  case of every co-operative society,- Rates of income-taX
  1.  
  
  
  
    where
  
  the total income does not 10 per cent. of the total income; exceed Rs. 10,000
  2.  
  
    where
  
  the total income exceeds Rs. 1,000 plus 20 per cent. of the amount by Rs.
  
  10,000 but does not exceed which the total income exceeds Rs. 10,000; Rs.
  
  20,000
  3.  
  
    where
  
  the total income exceeds Rs. 3,000 plus 30 per cent. of the amount by Rs.
  
  20,000 which the total income exceeds Rs. 20,000.
  Paragraph C In the
  
  case of every firm,- Rate of income-taX
  On the whole of the
  
  total income 30 per cent. Surcharge on income-tax The amount of income-tax
  
  computed at the rate hereinbefore specified, or in section 111A or section 112,
  
  shall, in the case of every firm having a total income exceeding one crore
  
  rupees, be increased by a surcharge for purposes of the Union calculated at the
  
  rate of ten per cent. of such income-tax:
  Provided that in the
  
  case of every firm having a total income exceeding one crore rupees, the total
  
  amount payable as income-tax and surcharge on such income shall not exceed the
  
  total amount payable as income-tax on a total income of one crore rupees by
  
  more than the amount of income that exceeds one crore rupees.
  Paragraph D In the
  
  case of every local authority,- Rate of income-taX
  On the whole of the
  
  total income 30 per cent.
  Paragraph E In the
  
  case of a company,- Rates of income-taX
  I. In the case of a
  
  domestic company 30 per cent. of the total income;II. In the case of a company
  
  other than a domestic company-
  (i) on so much of the
  
  total income as consists of,-
  (a) royalties
  
  received from Government or an Indian concern in pursuance of an agreement made
  
  by it with the Government or the Indian concern after the 31st day of March,
  
  1961 but before the 1st day of April, 1976; or
  (b) fees for
  
  rendering technical services received from Government or an Indian concern in
  
  pursuance of anagreement made by it with the Government or the Indian concern
  
  after the 29th day of February, 1964 but before the 1st day of April, 1976,and
  
  where such agreement has, in 50 per cent.; either case, been approved by the
  
  Central Government
  (ii) on the balance,
  
  if any, of the total 40 per cent. income Surcharge on income-tax The amount of
  
  income-tax computed in accordance with the preceding provisions of this
  
  Paragraph, or in section 111A or section 112, shall, in the case of every
  
  company, be increased by a surcharge for purposes of the Union calculated,-
  (i) in the case of
  
  every domestic company having a total income exceeding one crore rupees, at the
  
  rate of ten per cent. Of such income-tax;(ii) in the case of every company
  
  other than a domestic company having a total income exceeding one crore rupees,
  
  at the rate of two and one-half per cent.:
  Provided that in the
  
  case of every company having a total income exceeding one crore rupees, the
  
  total amount payable as income-tax and surcharge on such income shall not
  
  exceed the total amount payable as income-tax on a total income of one crore
  
  rupees by more than the amount of income that exceeds one crore rupees.";
  (ii) in Part IV, in
  
  Rule 8,-
  (A) for sub-rules (1)
  
  and (2), the following sub-rules shall be substituted, namely:-"
  1.   Where the assessee
  
  has, in the previous year relevant to the assessment year commencing on the 1st
  
  day of April, 2009, any agricultural income and the net result of the
  
  computation of the agricultural income of the assessee for any one or more of
  
  the previous years relevant to the assessment year commencing on the 1st day of
  
  April, 2001 or the1st day of April, 2002 or the 1st day of April, 2003 or the
  
  1st day of April, 2004 or the 1st day of April, 2005 or the 1st day of April,
  
  2006 or the 1st day of April, 2007 or the 1st day of April, 2008, is a loss,
  
  then, for the purposes of sub-section (2) of section 2 of this Act,-
   
  
   i.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2001, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2002 or the 1st day
  
  of April, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005 or
  
  the 1st day of April, 2006 or the 1st day of April, 2007 or the 1st day of
  
  April, 2008,
  the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2002, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2003 or the 1st day
  
  of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or
  
  the 1st day of April, 2007 or the 1st day of April, 2008,
   
  
   iii.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2003, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2004 or the 1st day
  
  of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or
  
  the 1st day of April, 2008,
   
  
   iv.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2004, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2005 or the 1st day
  
  of April, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008,
   
  
   v.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2005, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2006 or the 1st day
  
  of April, 2007 or the 1st day of April, 2008,
   
  
   vi.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2006, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2007 or the 1st day
  
  of April, 2008,
   
  
   vii.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2007, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2008,
   
  
   viii.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2008, shall be set off against the
  
  agricultural income of the assessee for the previous year relevant to the
  
  assessment year commencing on the 1st day of April, 2009.
  2.   Where the assessee
  
  has, in the previous year relevant to the assessment year commencing on the 1st
  
  day of April, 2010, or, if by virtue of any provision of the Income-tax Act,
  
  income-tax is to be charged in respect of the income of a period other than the
  
  previous year, in such other period, any agricultural income and the net result
  
  of the computation of the agricultural income of the assessee for any one or
  
  more of the previous years relevant to the assessment year commencing on the
  
  1st day of April, 2002 or the 1st day of April, 2003 or the 1st day of April,
  
  2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day
  
  of April, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009, is
  
  a loss, then, for the purposes of sub-section (10) of section 2 of this Act,-
   
  
   i.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2002, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the1st day of April, 2003 or the 1st day
  
  of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or
  
  the 1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of
  
  April, 2009,
  the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2003, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the1st day of April, 2004 or the 1st day
  
  of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or
  
  the 1st day of April, 2008 or the 1st day of April, 2009,
   
  
   iii.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2004, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2005 or the 1st day
  
  of April, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008 or
  
  the 1st day of April, 2009,
   
  
   iv.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2005, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the1st day of April, 2006 or the 1st day
  
  of April, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009,
   
  
   v.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year commencing
  
  on the 1st day of April, 2006, to the extent, if any, such loss has not been
  
  set off against the agricultural income for the previous year relevant to the
  
  assessment year commencing on the 1st day of April, 2007 or the 1st day of
  
  April, 2008 or the 1st day of April, 2009,
   
  
   vi.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2007, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the 1st day of April, 2008 or the 1st day
  
  of April, 2009,
   
  
   vii.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2008, to the extent, if any, such loss has
  
  not been set off against the agricultural income for the previous year relevant
  
  to the assessment year commencing on the1st day of April, 2009,
   
  
   viii.  
  
    the
  
  loss so computed for the previous year relevant to the assessment year
  
  commencing on the 1st day of April, 2009, shall be set off against the
  
  agricultural income of the assessee for the previous year relevant to the
  
  assessment year commencing on the1st day of April, 2010.";(B) for sub-rule
  
  (4), the following sub-rule shall be substituted, namely:-
  "(4)
  
  Notwithstanding anything contained in this rule, no loss which has not been
  
  determined by the Assessing Officer under the provisions of these rules or the
  
  rules contained in Part IV of the First Schedule to the Finance Act, 2001 (14
  
  of 2001), or of the First Schedule to the Finance Act, 2002 (20 of 2002), or of
  
  the First Schedule to the Finance Act, 2003 (32 of 2003), or of the First
  
  Schedule to the Finance (No. 2) Act, 2004 (23 of 2004), or of the First
  
  Schedule to the Finance Act, 2005 (18 of 2005), or of the First Schedule to the
  
  Finance Act, 2006 (21 of 2006), or of the First Schedule to the Finance Act,
  
  2007 (22 of 2007), or of the First Schedule to the Finance Act, 2008 (18 of
  
  2008) shall be set off under sub-rule (1) or, as the case may be, sub-rule
  
  (2)."