Income-tax rates and surcharge framework updated, including rules for TDS, advance tax, agricultural income and education cesses. Income-tax rates for the assessment and financial year are prescribed in the First Schedule: Part I for chargeable income, Part II for non-salary TDS rates, and Part III for salary withholding, advance tax and special-case charging. Surcharge rates augment base tax for individuals/HHFs/AOPs, domestic and foreign companies where income or aggregated payments exceed prescribed thresholds, with marginal relief limits. Net agricultural income above a de minimis amount is included for rate application via aggregation and a prescribed subtraction method; education and higher education cesses apply as additional percentage surcharges except on certain domestic resident withholding cases.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rates and surcharge framework updated, including rules for TDS, advance tax, agricultural income and education cesses.
Income-tax rates for the assessment and financial year are prescribed in the First Schedule: Part I for chargeable income, Part II for non-salary TDS rates, and Part III for salary withholding, advance tax and special-case charging. Surcharge rates augment base tax for individuals/HHFs/AOPs, domestic and foreign companies where income or aggregated payments exceed prescribed thresholds, with marginal relief limits. Net agricultural income above a de minimis amount is included for rate application via aggregation and a prescribed subtraction method; education and higher education cesses apply as additional percentage surcharges except on certain domestic resident withholding cases.
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