Surcharge on income-tax expanded for high-income taxpayers and companies with caps limiting incremental surcharge burden. The Bill applies the Finance Act, 2013 provisions to the financial year commencing 1 April 2014 with modifications: substituting year references, replacing provisos to impose surcharge regimes across taxpayer categories with specified rates and caps; recasting Part I of the First Schedule to set out revised individual slabs (including senior and super senior resident categories), co-operative society, firm, local authority and company tax rates; and amending Rule 8 to prescribe the sequence and scope for setting off prior years' agricultural losses against agricultural income for assessment years commencing 1 April 2014 and 1 April 2015.
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.
Surcharge on income-tax expanded for high-income taxpayers and companies with caps limiting incremental surcharge burden.
The Bill applies the Finance Act, 2013 provisions to the financial year commencing 1 April 2014 with modifications: substituting year references, replacing provisos to impose surcharge regimes across taxpayer categories with specified rates and caps; recasting Part I of the First Schedule to set out revised individual slabs (including senior and super senior resident categories), co-operative society, firm, local authority and company tax rates; and amending Rule 8 to prescribe the sequence and scope for setting off prior years' agricultural losses against agricultural income for assessment years commencing 1 April 2014 and 1 April 2015.
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 
