Surcharge on income-tax: category-based surcharge bands and caps increase applicable tax, with further health and education cess applied. This provision fixes income tax, TDS, TCS and advance tax rates for the assessment year beginning 1 April 2024 and prescribes that computed tax be ... Summary
Surcharge on income-tax: category-based surcharge bands and caps increase applicable tax, with further health and education cess applied.
This provision fixes income tax, TDS, TCS and advance tax rates for the assessment year beginning 1 April 2024 and prescribes that computed tax be increased by a surcharge for the purposes of the Union. Different surcharge bands and capped rates apply by taxpayer category and by specific income heads or special provisions; certain specified funds and income types are exempted from surcharge. Net agricultural income above a threshold is notionally aggregated for rate determination but neutralised by a recomputation method. The aggregate tax and surcharge is further increased by a Health and Education Cess, subject to limited exceptions.
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