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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tenth Schedule: How transitional years over 12 months adjust tax limits, allowances, residence tests and annualized tax</h1> Where a transitional previous year exceeds twelve months, the Tenth Schedule prescribes modifications: specified monetary limits and thresholds in various income-tax provisions are proportionately increased by multiplying by the fraction (months in transitional year)/12; short-period day counts for residence and other period tests are adjusted where the transitional year is 18 months or more; depreciation and certain allowances are increased proportionately where income for longer periods is included; tax on total income is computed at an average rate by annualising income (multiplying by 12/number of months); the tax authority may by order grant relief to avoid genuine hardship.
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