“TABLE

S# Taxable Income Rate of Tax

(1) (2) (3)

1. Where taxable income 0

does not exceed Rs.

600,000

2. Where taxable income Rs. 100

exceeds Rs. 600,000

but does not exceed

Rs. 1,200,000

3. Where taxable income 7% of the amount exceeding

exceeds Rs. Rs. 1,200,000

1,200,000 but does

not exceed Rs.

2,400,000

4. Where taxable income Rs. 84,000 + 12.5% of the

exceeds Rs. amount exceeding Rs.

2,400,000 but does 2,400,000

not exceed Rs.

3,600,000

5. Where taxable income Rs. 234,000 + 17.5% of the

exceeds Rs. amount exceeding Rs.

3,600,000 but does 3,600,000

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 not exceed Rs.

6,000,000

6. Where taxable income Rs. 654,000 + 22.5% of the

exceeds Rs. amount exceeding Rs.

6,000,000 but does 6,000,000

not exceed Rs.

12,000,000

7. Where taxable income Rs. 2,004,000 + 32.5% of the

exceeds Rs. amount exceeding Rs.

12,000,000 12,000,000.”

(c) for Division II, the following shall be substituted,

namely:–

“Division II

Rates of Tax for Companies

The rate of tax imposed on the taxable income of a

company shall be as set out in the following Table,

namely:-

Type of Company Rate of

Tax

Small company 20%

Banking company 42%

Any other company 29%

(d) in Division IIA, in the Table, in column (1), against

Serial No. 1. in heading of column (6), for the

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