Income tax rates and withholding rules updated, setting slab and entity rates, surcharge framework and agricultural income computation. The Schedule prescribes income tax rates by taxpayer category (individuals with age based slabs, co operative societies, firms, local authorities, domestic and non domestic companies), detailed surcharge rules for high incomes, and comprehensive withholding (TDS) rates for various income heads and payee residencies. It also sets rates to be used for charging tax in salary, advance tax and special assessment contexts, and establishes rules for computing net agricultural income including classification, special percentage attributions for tea, rubber and coffee, loss set off across prior years, deduction of State agricultural taxes and Assessing Officer powers.
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Income tax rates and withholding rules updated, setting slab and entity rates, surcharge framework and agricultural income computation.
The Schedule prescribes income tax rates by taxpayer category (individuals with age based slabs, co operative societies, firms, local authorities, domestic and non domestic companies), detailed surcharge rules for high incomes, and comprehensive withholding (TDS) rates for various income heads and payee residencies. It also sets rates to be used for charging tax in salary, advance tax and special assessment contexts, and establishes rules for computing net agricultural income including classification, special percentage attributions for tea, rubber and coffee, loss set off across prior years, deduction of State agricultural taxes and Assessing Officer powers.
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