Income-tax rates and surcharge framework updated, specifying levy, TDS and advance tax mechanics for taxpayers and specified categories. Income-tax for the assessment year beginning 1 April 2021 is charged at rates in Part I of the First Schedule and increased by a surcharge as provided. The provision prescribes surcharge application where special charging chapters or sections apply, sets detailed mechanics for treating net agricultural income above the prescribed threshold when computing tax, prescribes rates and surcharge rules for tax deducted or collected at source and for advance tax, and requires addition of a Health and Education Cess on tax and surcharge.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rates and surcharge framework updated, specifying levy, TDS and advance tax mechanics for taxpayers and specified categories.
Income-tax for the assessment year beginning 1 April 2021 is charged at rates in Part I of the First Schedule and increased by a surcharge as provided. The provision prescribes surcharge application where special charging chapters or sections apply, sets detailed mechanics for treating net agricultural income above the prescribed threshold when computing tax, prescribes rates and surcharge rules for tax deducted or collected at source and for advance tax, and requires addition of a Health and Education Cess on tax and surcharge.
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