Income-tax rates and surcharge adjustments with special computation for net agricultural income and company deposit relief. Income-tax for assessment year commencing 1 April 1976 is charged at rates in Part I of the First Schedule with applicable surcharges; where net agricultural income exists, tax on total income is computed by aggregating total and agricultural income, taxing the aggregate, taxing agricultural income increased by eight thousand rupees, and taking the difference. Companies with life-insurance profits compute tax by applying the Life Insurance Corporation rate to that portion and the company rate to the remainder. Part II and Part III prescribe rates for specified deductions and advance tax, and deposit schemes may reduce surcharge obligations. Key definitions are provided.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rates and surcharge adjustments with special computation for net agricultural income and company deposit relief.
Income-tax for assessment year commencing 1 April 1976 is charged at rates in Part I of the First Schedule with applicable surcharges; where net agricultural income exists, tax on total income is computed by aggregating total and agricultural income, taxing the aggregate, taxing agricultural income increased by eight thousand rupees, and taking the difference. Companies with life-insurance profits compute tax by applying the Life Insurance Corporation rate to that portion and the company rate to the remainder. Part II and Part III prescribe rates for specified deductions and advance tax, and deposit schemes may reduce surcharge obligations. Key definitions are provided.
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