Income-tax rates and withholding rules establish slab-based taxation, source deduction rates and agricultural income computation. Prescribes graduated income-tax slabs and percentage rates for individuals, HUFs, firms, co-operative societies, local authorities and companies; sets ... Summary
Income-tax rates and withholding rules establish slab-based taxation, source deduction rates and agricultural income computation.
Prescribes graduated income-tax slabs and percentage rates for individuals, HUFs, firms, co-operative societies, local authorities and companies; sets withholding rates for specified payments distinguishing residents and non-residents and domestic and non-domestic payees, includes a surcharge provision; and establishes rules for computing net agricultural income by treating different types of agricultural receipts under analogous heads with specified modifications, special provisions for tea income, partners' and members' shares, loss set-off rules across prior years, deduction of state agricultural taxes, and procedural application for assessment.
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