Surcharge on income-tax: qualifying bank deposits can reduce or eliminate company surcharge liability in the following assessment year. Amendments carry forward Finance Act, 1976 provisions to apply to the 1977 assessment year with modifications: income tax is charged at Part I rates and increased by a surcharge; companies may reduce or eliminate that surcharge by making qualifying deposits with the Industrial Development Bank of India under notified schemes in specified financial years, affecting surcharge liability in the following assessment year. The First Schedule is revised to set tiered rates and surcharge for individuals and HUFs, reletter paragraphs, and specify rules for carrying forward and setting off agricultural income losses across prior years.
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.
Surcharge on income-tax: qualifying bank deposits can reduce or eliminate company surcharge liability in the following assessment year.
Amendments carry forward Finance Act, 1976 provisions to apply to the 1977 assessment year with modifications: income tax is charged at Part I rates and increased by a surcharge; companies may reduce or eliminate that surcharge by making qualifying deposits with the Industrial Development Bank of India under notified schemes in specified financial years, affecting surcharge liability in the following assessment year. The First Schedule is revised to set tiered rates and surcharge for individuals and HUFs, reletter paragraphs, and specify rules for carrying forward and setting off agricultural income losses across prior years.
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