Income-tax slab revision establishes graduated rates and a surcharge for individuals and specified family entities under substituted First Schedule provision. Substitution of Paragraph A Part III of the First Schedule (effective 1 April 1975) prescribes revised progressive income tax rates for individuals, HUFs, ... Summary
Income-tax slab revision establishes graduated rates and a surcharge for individuals and specified family entities under substituted First Schedule provision.
Substitution of Paragraph A Part III of the First Schedule (effective 1 April 1975) prescribes revised progressive income tax rates for individuals, HUFs, unregistered firms, associations and certain juridical persons, and mandates that the computed tax be increased by a Union surcharge. A separate Sub Paragraph II provides an alternative, higher rate schedule for Hindu undivided families with at least one member whose income exceeds the baseline threshold, with the same surcharge rule.
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