Income tax rates revised for assessment year 2009-10, with updated slabs, surcharges and agricultural loss set off rules. Amendments to section 2 and the First Schedule set revised income tax charging for the assessment year commencing 1 April 2009, substituting Part I to prescribe slab based rates and surcharge rules for individuals (including women and senior citizens), cooperatives, firms, local authorities and companies, and modifying provisos and exemption thresholds; Part IV Rule 8 is amended to require specified prior year agricultural losses, where not previously set off, to be carried forward and set off against agricultural income in the specified subsequent previous years, subject to assessment determined losses.
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Provisions expressly mentioned in the judgment/order text.
Income tax rates revised for assessment year 2009-10, with updated slabs, surcharges and agricultural loss set off rules.
Amendments to section 2 and the First Schedule set revised income tax charging for the assessment year commencing 1 April 2009, substituting Part I to prescribe slab based rates and surcharge rules for individuals (including women and senior citizens), cooperatives, firms, local authorities and companies, and modifying provisos and exemption thresholds; Part IV Rule 8 is amended to require specified prior year agricultural losses, where not previously set off, to be carried forward and set off against agricultural income in the specified subsequent previous years, subject to assessment determined losses.
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