Income-tax rates and surcharge rules modified, with net agricultural income aggregated to determine tax and advance tax. Section 2 prescribes income-tax rates and the method of increasing tax by surcharges according to the First Schedule, requires rebates to be applied before surcharge, and sets aggregation-and-subtraction rules for treating net agricultural income when total income exceeds thresholds so that tax is computed on the aggregate minus tax on the increased agricultural income. It extends these mechanisms to advance tax, withholding and collection rates, special tax provisions, and applies higher surcharge rates in specified contexts, while defining key terms for rate application.
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Income-tax rates and surcharge rules modified, with net agricultural income aggregated to determine tax and advance tax.
Section 2 prescribes income-tax rates and the method of increasing tax by surcharges according to the First Schedule, requires rebates to be applied before surcharge, and sets aggregation-and-subtraction rules for treating net agricultural income when total income exceeds thresholds so that tax is computed on the aggregate minus tax on the increased agricultural income. It extends these mechanisms to advance tax, withholding and collection rates, special tax provisions, and applies higher surcharge rates in specified contexts, while defining key terms for rate application.
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