Income tax Rate Structure sets tiered personal and corporate rates with surcharges, withholding rules and agricultural income computation. The First Schedule to the Finance Act, 2015 prescribes tiered income tax rates for individuals (with age based slabs), and distinct rates for co operative societies, firms, local authorities and companies, together with surcharge rules and ceilings for high incomes. It sets specific TDS rates for residents and non residents across income categories (interest, winnings, royalties, fees for technical services, capital gains), applies rate rules for salary withholding and advance tax, and establishes detailed rules for computing, setting off and carrying forward agricultural income and losses.
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Provisions expressly mentioned in the judgment/order text.
Income tax Rate Structure sets tiered personal and corporate rates with surcharges, withholding rules and agricultural income computation.
The First Schedule to the Finance Act, 2015 prescribes tiered income tax rates for individuals (with age based slabs), and distinct rates for co operative societies, firms, local authorities and companies, together with surcharge rules and ceilings for high incomes. It sets specific TDS rates for residents and non residents across income categories (interest, winnings, royalties, fees for technical services, capital gains), applies rate rules for salary withholding and advance tax, and establishes detailed rules for computing, setting off and carrying forward agricultural income and losses.
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