Surcharge on income-tax: tiered increases apply across taxpayer categories, affecting TDS, advance tax and collections. This provision prescribes the rates of income-tax, the related rates for deduction and collection at source and for computation of advance tax for the ... Summary
Surcharge on income-tax: tiered increases apply across taxpayer categories, affecting TDS, advance tax and collections.
This provision prescribes the rates of income-tax, the related rates for deduction and collection at source and for computation of advance tax for the assessment year 2017-2018 and financial year 2017-2018; establishes a multi-tier surcharge framework for different taxpayer categories with marginal-relief caps in specified cases; sets a mechanism for incorporating net agricultural income in rate computation with age-based exemption substitutions; and requires additional education cesses to be levied on tax plus surcharge, subject to limited exceptions.
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