Clause 16

The principal Act is amended by deleting Part A of the Second Schedule and substituting the following Part:“Part ARates of Income Tax on Chargeable Income of An Individual or A Hindu Joint FamilyChargeable Income $ Rate of TaxFor every dollar of the first 5,000 3.5%For every dollar of the next 2,500 6.0%For every dollar of the next 7,500 8.0%For every dollar of the next 5,000 9.0%For every dollar of the next 5,000 12.0%For every dollar of the next 10,000 14.0%For every dollar of the next 15,000 17.0%For every dollar of the next 25,000 21.0%For every dollar of the next 25,000 24.0%For every dollar of the next 50,000 26.0%For every dollar of the next 50,000 28.0%For every dollar of the next 200,000 31.0%For every dollar exceeding 400,000 33.0%”.