Income-tax rates revised with tiered surcharge and new health and education cess replacing prior education cesses. Clause 2 sets the income-tax charging and computation framework for assessment year 2018-2019 by reference to rates in the First Schedule, including basic income-tax rates for individuals, HUFs, firms, co-operatives, local authorities and companies; tiered surcharge rates for higher-income taxpayers with marginal relief; aggregation rules for net agricultural income with substituted thresholds for senior residents; and alignment of special-regime tax computation with the Schedule rates. Parts II and III fix withholding and advance tax rates for the financial year 2018-2019, and Clause 2 replaces earlier educational cesses for many cases with a consolidated Health and Education Cess subject to specified exceptions.
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Income-tax rates revised with tiered surcharge and new health and education cess replacing prior education cesses.
Clause 2 sets the income-tax charging and computation framework for assessment year 2018-2019 by reference to rates in the First Schedule, including basic income-tax rates for individuals, HUFs, firms, co-operatives, local authorities and companies; tiered surcharge rates for higher-income taxpayers with marginal relief; aggregation rules for net agricultural income with substituted thresholds for senior residents; and alignment of special-regime tax computation with the Schedule rates. Parts II and III fix withholding and advance tax rates for the financial year 2018-2019, and Clause 2 replaces earlier educational cesses for many cases with a consolidated Health and Education Cess subject to specified exceptions.
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