Net agricultural income inclusion modifies taxable total and surcharge computation for income-tax assessment. Income-tax for the specified assessment year is charged at First Schedule rates with prescribed surcharges. Where an assessee has net agricultural income plus total income exceeding the threshold, the agricultural income is accounted for only to compute tax on total income by aggregating incomes to determine tax, computing tax on agricultural income increased by a fixed amount, deducting the latter from the aggregate tax (subject to a percentage cap), and adding a prescribed surcharge. A similar mechanism applies to computations for withholding, salary-related deductions and advance tax, and Part II and Part III prescribe rates for specified deductions and computations. Definitions for key terms are provided.
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Net agricultural income inclusion modifies taxable total and surcharge computation for income-tax assessment.
Income-tax for the specified assessment year is charged at First Schedule rates with prescribed surcharges. Where an assessee has net agricultural income plus total income exceeding the threshold, the agricultural income is accounted for only to compute tax on total income by aggregating incomes to determine tax, computing tax on agricultural income increased by a fixed amount, deducting the latter from the aggregate tax (subject to a percentage cap), and adding a prescribed surcharge. A similar mechanism applies to computations for withholding, salary-related deductions and advance tax, and Part II and Part III prescribe rates for specified deductions and computations. Definitions for key terms are provided.
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