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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Rates and Surcharges for 1988 Detailed in Finance Act; Provisions for Agricultural Income Explained.</h1> For the assessment year starting April 1, 1988, income tax is levied at rates specified in the First Schedule of the Finance Act, 1988, with additional surcharges applicable in certain cases. The Act outlines specific provisions for cases involving net agricultural income exceeding six hundred rupees, detailing how such income should be considered for tax purposes. It specifies deductions and surcharges applicable under various sections of the Income-tax Act, including sections related to tax deduction at source and advance tax. Definitions for terms like 'domestic company' and 'net agricultural income' are provided, aligning with the Income-tax Act, 1961.
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