Tax on block period income imposed at a prescribed high rate, with applicable surcharge increasing the tax liability. The total income of the block period determined under section 294 is chargeable to tax at a fixed rate of 60%, and that tax is to be increased by any ... Summary
Tax on block period income imposed at a prescribed high rate, with applicable surcharge increasing the tax liability.
The total income of the block period determined under section 294 is chargeable to tax at a fixed rate of 60%, and that tax is to be increased by any surcharge levied under a Central enactment, thereby increasing the overall tax liability on the block period income.
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