Income-tax rates and surcharges apply, with special aggregation rules for net agricultural income and added education cesses. Income-tax for the assessment year beginning 1 April 2013 is charged at First Schedule rates and increased by prescribed surcharges; where net agricultural income exceeds Rs. 5,000 and total income exceeds basic exemption, agricultural income is aggregated with total income for tax charging but relieved by treating agricultural income as if included after the basic exemption and by computing tax on the aggregate less tax on the agricultural component increased by the basic threshold (with higher thresholds for senior and very senior resident individuals). Additional surcharges apply by taxpayer category and income thresholds, with 2% Education Cess and 1% Secondary and Higher Education Cess levied on tax and surcharge, and defined terms include domestic company, insurance commission and net agricultural income.
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 surcharges apply, with special aggregation rules for net agricultural income and added education cesses.
Income-tax for the assessment year beginning 1 April 2013 is charged at First Schedule rates and increased by prescribed surcharges; where net agricultural income exceeds Rs. 5,000 and total income exceeds basic exemption, agricultural income is aggregated with total income for tax charging but relieved by treating agricultural income as if included after the basic exemption and by computing tax on the aggregate less tax on the agricultural component increased by the basic threshold (with higher thresholds for senior and very senior resident individuals). Additional surcharges apply by taxpayer category and income thresholds, with 2% Education Cess and 1% Secondary and Higher Education Cess levied on tax and surcharge, and defined terms include domestic company, insurance commission and net agricultural income.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
