Income tax surcharge increased for higher incomes, rebates affecting taxable liability and advance tax obligations, revised slab structure. The amendments apply the Finance Act First Schedule and section 2 to the assessment year commencing 1 April 1991 with substitutions updating reference years and inserting a Chapter VIII A rebate reduction into income tax and advance tax computation. Slab thresholds and marginal rates for individuals, HUFs, firms, cooperatives, local authorities and companies are revised in the First Schedule, and surcharge rules are redefined-including differentiated surcharge rates for certain taxed incomes and domestic companies-while Part IV prescribes detailed prior year agricultural loss set off mechanics.
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Provisions expressly mentioned in the judgment/order text.
Income tax surcharge increased for higher incomes, rebates affecting taxable liability and advance tax obligations, revised slab structure.
The amendments apply the Finance Act First Schedule and section 2 to the assessment year commencing 1 April 1991 with substitutions updating reference years and inserting a Chapter VIII A rebate reduction into income tax and advance tax computation. Slab thresholds and marginal rates for individuals, HUFs, firms, cooperatives, local authorities and companies are revised in the First Schedule, and surcharge rules are redefined-including differentiated surcharge rates for certain taxed incomes and domestic companies-while Part IV prescribes detailed prior year agricultural loss set off mechanics.
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