Income-tax rates and surcharge updated, with special aggregation rules for agricultural income and targeted cess increases. Income-tax for the assessment year commencing 1 April 2009 is charged at First Schedule rates and is increased by surcharges applied to tax, TDS, TCS and advance tax in specified cases. Net agricultural income above a de minimis amount is aggregated with total income solely for computing tax by aggregating incomes, computing tax on the aggregate, computing tax on agricultural income after adding the basic exemption equivalent, and subtracting to obtain tax on total income; higher basic-exemption equivalents apply to resident women and senior citizens. Two additional education cesses are levied on tax plus surcharge, and definitions such as 'domestic company' and 'net agricultural income' are specified.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income-tax rates and surcharge updated, with special aggregation rules for agricultural income and targeted cess increases.
Income-tax for the assessment year commencing 1 April 2009 is charged at First Schedule rates and is increased by surcharges applied to tax, TDS, TCS and advance tax in specified cases. Net agricultural income above a de minimis amount is aggregated with total income solely for computing tax by aggregating incomes, computing tax on the aggregate, computing tax on agricultural income after adding the basic exemption equivalent, and subtracting to obtain tax on total income; higher basic-exemption equivalents apply to resident women and senior citizens. Two additional education cesses are levied on tax plus surcharge, and definitions such as "domestic company" and "net agricultural income" are specified.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
