 surcharge on income-laxthe amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 111a or section 112, shall, in the case of every local authorily, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the union calculated at the rate of ten per cent of such income-tax: provided that in the case of every local authority mentioned in this paragraph, having total income exceeding one crore rupees, 5 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 &in the case of a company,— |    |    |     |      |    |    |          |         |     |     |       | rates    | of    | income-tax    | 10      ||----|----|-----|------|----|----|----------|---------|-----|-----|-------|----------|-------|---------------|---------|| | | in | the | case | of | a  | domestic | company | 30  | per | cent, | of       | the   | tolal         | income; |il in the case of a company other than a domestic company— {) 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 wilh the government or the 15 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 an agreement made by it with the government or the indian concern after the 29th day of february, 1964 20 but before the ist day of april, 1976, and where such agreement has, in either case, been approved by the central government 50 per cent; (i) on the balance, if any, of the total income 40 per cent surcharge on income-lax 25 the amount of income-tax computed in accordance with the preceding provisions of this paragraph, or the provisions of section 411a or section 112, shall, be increased by a surcharge for the purposes of the union calculated,— () in the case of every domestic company,— (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of five per cent of such income-tax; and 30 (6) having a total income exceeding ten crore rupees, at the rate of ten per cent of such income-tax; (i) in the case of every company other than a domestic company,— (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of five per cent of such income-tax: 35 provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the fotal 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: provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total 40 income of ten crore rupees by more than the amount of income that exceeds ten crore rupees"; (ij in part iv, in rule 8,— fa}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 ist day of april, 2014, any agricultural income and the net result of ihe computation of the agricultural income of the assessee for 45 any one or more of the previous years relevant to the assessment years commencing on the 1st day of april, 2006 or the 1st day of april, 2007 or the 1s1 day of april, 2008 or the 1st day of april, 2009 or the tst day of april, 2010 or the 1st day of april, 2011 or the ist day of april, 2012 or the 1st day of april, 2013, is a loss, then, for the purposes of sub-section (2) of section 2 of this act,—() the loss so computed for the previous year relevant to ihe 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 ihe 1st day of april, 2007 or the 1st day of april, 2008 or the ist day of april, 2009 or the 1st day of april, 2010 or the 1st day of april, 2014 or the 1st day of april, 2012 or the 1st day of april, 2013, {i the loss so computed for the previous year relevant to the assessment year commencing on the ist day of april, 2007, to the extent, if any, such loss has not been set off against the agricultural income for ihe previous year relevant to the assessment year commencing on the 1st day of april, 2008 or the ist day of april, 2009 or the ist day of april, 2010 or the 1st day of april, 2011 or the 1st day of april, 2012 or the 1st day of april, 2013, {i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of apzil, 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 the 1st day of april, 2009 or the 1st day of april, 2010 or the 1st day of april, 2011 or the 1st day of april, 2012 or the 1st day of april, 2013, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of 15 april, 2009, to the extent, if any, such foss 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, 2010 or the 1st day of april, 2011 or the 1st day of april, 2042 or the ist day of april, 2013, (¥} the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of 20 april, 2010, 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, 20%1 or the 1st day of april, 2012 or the 1st day of april, 2013, {vi} the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2011, 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 ist day of april, 2012 or the ist day of april, 2013, 25 (vi} the loss so computed for the previous year relevant to the assessment year commencing on the ist day of april, 2012, 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, 2013, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the ist day of april, 2013, 30 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, 2014 {2 where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of 35 april, 2015, 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 years commencing on the 1st day of april, 2007 or the 1st day of april, 2008 or the 1st day of april, 2009 or the 1st day of april, 2010 or the ist day of april, 2011 or the 1st day of april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014, is a loss, then, for the purposes of sub-section (70) of section 2 of this act 40 () 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 ist day of april, 2009 or the 1st day of april, 2010 or the 1st day of april, 2011 or the 4st day of april, 2012 or the ist day of april, 2013 or the 1st day of april, 2014, (i) the loss so computed for the previous year relevant to the assessment year commencing on the ist day of 45 april, 2008, to the extent, if any, such loss has not been set olf against the agricultural income for the previous year relevant to the assessment year commencing on the ist day of april, 2009 or the 4st day of april, 2010 or the ist day of april, 2011 or the 1st day of april, 2012 or the tst day of april, 2013 or the tst gay of april, 2014, (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2009, 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, 2010 or the ist day of april, 2011 or the 1st day of 50 april, 2012 or the 1st day of april, 2013 or the 1st day of april, 2014, (iy) the loss so computed for the previous year relevant to the assessment year commencing on the ist day of april, 2010, 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, 2011 or the ist day of april, 2012 or the 1st day of (vi) the toss so computed for the pravious year relevant to the assessment year commencing on the 1st day of april, 2012, 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, 2013 or the ist day of april, 2014, (vii) the toss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2013, to the extent, if any, such loss has not been set off against the agricultural income for the pravious year relavant to the assessment year commencing on the 1st day of april, 2014, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of april, 2014, shalt be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the ist day of april, 2015"; (b)tor 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 olftcer under the provisions of these rules or the rules contained in part iv 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), or of the first schedule to the finance (no 2) act, 2009 (33 of 2009), or of the first schedule to the finance act, 2010 (14 of 2010), or of the first schedule to the finance act, 2011 (8 of 2011), or of the first schedule to the finance act, 2012 (23 of 2012), or of the first schedule to the finance act, 2013 (17 of 2013) shall be set off under sub-rule (1) or, as the case may be, sub-rule (2)"  statement of objects and reasonsthe object of this bill is to continue the existing rates of income-tax for the financial year 2014-15, 2 clause 2 of the bill deals with the rates of income-tax and surcharge the rates of income-tax and surcharge as specified in part ill of the first schedule to the finance act, 2013 for the purpose of deduction of tax at source from salaries during the financial year 2013-14, for computing the "advance tax" payable during that financial year in relation to current incomes and for certain special purposes, are proposed to be continued for the purpose of assessments for the assessment year 2014-15 further, the same rates are proposed to be continued for the purpose of deduction of tax at source from salaries during the financial year 2014-15, for computing the "advance tax" payable during that financial year on current incomes, and for the said special purposes 3 the rates for deduction of tax at source during the financial year 2013-14 from incomes other than salaries specified in part ii of the first schedule to the finance act, 2013, are also proposed to be continued for deduction of tax at source from such incomes during the financial year 2014-15 4 " clause 2 of the bill, accordingly, proposes to apply to the assessment year 2014-15 or, as the case may be, to the financial year 2014-15, the provisions of section 2 of, and the first schedule to, the finance act, 2013, with consequential and other necessary modifications p chidambaram new delhi; the 10th february, 2014  president's recommendation under articles 117 and 274 of the constitution of india[copy of letter no 2(8)-b(d}2014 dated the 10th february, 2014 from shri p chidambaram, minister of finance, to the secretary-general, lok sabha] the president, having been informed of the subject matter of the proposed bill, recommends under clauses (1) and (3) of article 117, read with clause (1) of article 274, of the constitution of india, the introduction of the finance bill, 2014 to the lok sabha and also recommends to the lok sabha the consideration of the bill 2 the bill will be introduced in the lok sabha immediately after the presentation of the budget on the 17th february, 2014