Rates of income tax set with surcharge adjustments and specified aggregation rules for net agricultural income affecting tax computation. Income-tax for the relevant assessment year is charged at rates in the First Schedule with surcharges and permitted reductions where qualifying deposits were made; net agricultural income is notionally aggregated with total income for computing tax but is treated as if increased by a fixed sum and not directly taxable, with tax charge equal to tax on the aggregate less tax on the increased agricultural income; withholding, deduction and advance tax computations use rates in Parts II and III of the First Schedule subject to specified provisos and surcharge rules.
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.
Rates of income tax set with surcharge adjustments and specified aggregation rules for net agricultural income affecting tax computation.
Income-tax for the relevant assessment year is charged at rates in the First Schedule with surcharges and permitted reductions where qualifying deposits were made; net agricultural income is notionally aggregated with total income for computing tax but is treated as if increased by a fixed sum and not directly taxable, with tax charge equal to tax on the aggregate less tax on the increased agricultural income; withholding, deduction and advance tax computations use rates in Parts II and III of the First Schedule subject to specified provisos and surcharge rules.
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