Income tax rates and allocation rules set tax treatment and export-related deductions for the assessment year under prescribed conditions. Income tax for the assessment year is charged at First Schedule rates with surcharge where applicable; tax on salary income in a non-corporate assessee's total income is apportioned by proportionate tax, and companies (excluding the Life Insurance Corporation) with life insurance profits compute tax as the aggregate of tax on those profits at the Corporation rate and tax on the remainder at the company rate. Export-related tax deductions are granted to qualifying Indian companies and exporters (subject to exclusions and a cap not to exceed tax payable), withholding is at Part II rates, and key definitions, including earned income, are prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income tax rates and allocation rules set tax treatment and export-related deductions for the assessment year under prescribed conditions.
Income tax for the assessment year is charged at First Schedule rates with surcharge where applicable; tax on salary income in a non-corporate assessee's total income is apportioned by proportionate tax, and companies (excluding the Life Insurance Corporation) with life insurance profits compute tax as the aggregate of tax on those profits at the Corporation rate and tax on the remainder at the company rate. Export-related tax deductions are granted to qualifying Indian companies and exporters (subject to exclusions and a cap not to exceed tax payable), withholding is at Part II rates, and key definitions, including earned income, are prescribed.
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