Net agricultural income rules adjust taxable income and tax computation when agricultural receipts supplement total income. The section charges income-tax for the assessment year beginning 1 April 1986 at rates in the First Schedule, with a surcharge subject to reduction where a company made prescribed deposits under the relevant scheme. It prescribes an aggregation-and-subtraction method for including net agricultural income in tax computation-tax on aggregate income is reduced by tax on agricultural income increased by an exempt amount-and orders that withholding, advance tax and other specified computations follow Parts II and III of the First Schedule or relevant Chapters and sections of the Income tax Act. The section also supplies key operative definitions.
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.
Net agricultural income rules adjust taxable income and tax computation when agricultural receipts supplement total income.
The section charges income-tax for the assessment year beginning 1 April 1986 at rates in the First Schedule, with a surcharge subject to reduction where a company made prescribed deposits under the relevant scheme. It prescribes an aggregation-and-subtraction method for including net agricultural income in tax computation-tax on aggregate income is reduced by tax on agricultural income increased by an exempt amount-and orders that withholding, advance tax and other specified computations follow Parts II and III of the First Schedule or relevant Chapters and sections of the Income tax Act. The section also supplies key operative definitions.
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