Income-tax Rates: aggregation method treats net agricultural income in tax computation with surcharge and cap mechanics. Income-tax rates for the assessment year beginning 1 April 1978 are prescribed in the Schedule and subject to surcharges. Where an assessee has net agricultural income and total income exceeds ten thousand rupees, the net agricultural income is aggregated with total income after treating eight thousand rupees as a notional allowance; tax is computed on the aggregate and on the agricultural income increased by eight thousand rupees, the latter being deducted from the former, then increased by a fifteen per cent surcharge and subject to a seventy per cent cap. Withholding, advance tax and specific Act provisions reference Parts II and III of the Schedule, and key definitions govern application.
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Provisions expressly mentioned in the judgment/order text.
Income-tax Rates: aggregation method treats net agricultural income in tax computation with surcharge and cap mechanics.
Income-tax rates for the assessment year beginning 1 April 1978 are prescribed in the Schedule and subject to surcharges. Where an assessee has net agricultural income and total income exceeds ten thousand rupees, the net agricultural income is aggregated with total income after treating eight thousand rupees as a notional allowance; tax is computed on the aggregate and on the agricultural income increased by eight thousand rupees, the latter being deducted from the former, then increased by a fifteen per cent surcharge and subject to a seventy per cent cap. Withholding, advance tax and specific Act provisions reference Parts II and III of the Schedule, and key definitions govern application.
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