Rates of income tax set with surcharge and education cesses, affecting TDS, advance tax and agricultural income computation. Clause 2 prescribes income tax, TDS and advance tax rates for assessment year 2011-2012 as set out in Parts I-III of the First Schedule, mandates applicable surcharges with specified company specific rates and marginal relief, provides special aggregation and computation rules for net agricultural income (treating agricultural income as included after a basic exemption for rate application and subtracting tax on agricultural income increased by that exemption), and requires additional Education and Secondary and Higher Education Cesses on income tax plus surcharge, subject to stated exceptions; key definitions are provided or cross referenced.
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Provisions expressly mentioned in the judgment/order text.
Rates of income tax set with surcharge and education cesses, affecting TDS, advance tax and agricultural income computation.
Clause 2 prescribes income tax, TDS and advance tax rates for assessment year 2011-2012 as set out in Parts I-III of the First Schedule, mandates applicable surcharges with specified company specific rates and marginal relief, provides special aggregation and computation rules for net agricultural income (treating agricultural income as included after a basic exemption for rate application and subtracting tax on agricultural income increased by that exemption), and requires additional Education and Secondary and Higher Education Cesses on income tax plus surcharge, subject to stated exceptions; key definitions are provided or cross referenced.
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