Income tax rates and surcharge framework updated, with aligned TDS rates and detailed rules for computing net agricultural income. First Schedule of the Finance Bill, 2021 prescribes income tax slabs and rates for individuals (including age based categories), and fixed rates for co operatives, firms, local authorities and companies; establishes a multi tier surcharge regime with caps on incremental tax and surcharge; sets TDS rates for various income categories for residents, non residents and companies with corresponding surcharge on TDS; aligns withholding and advance tax computations with those rates; and provides comprehensive rules for computing net agricultural income, loss set off, carry forward and assessment procedure.
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Income tax rates and surcharge framework updated, with aligned TDS rates and detailed rules for computing net agricultural income.
First Schedule of the Finance Bill, 2021 prescribes income tax slabs and rates for individuals (including age based categories), and fixed rates for co operatives, firms, local authorities and companies; establishes a multi tier surcharge regime with caps on incremental tax and surcharge; sets TDS rates for various income categories for residents, non residents and companies with corresponding surcharge on TDS; aligns withholding and advance tax computations with those rates; and provides comprehensive rules for computing net agricultural income, loss set off, carry forward and assessment procedure.
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