Income tax rate schedule: revised taxpayer and withholding rates establish tax computation, TDS and agricultural income computation rules. The First Schedule prescribes income tax rates and slab computations for individuals, HUFs, AOPs, firms, societies, local authorities and companies, ... Summary
Income tax rate schedule: revised taxpayer and withholding rates establish tax computation, TDS and agricultural income computation rules.
The First Schedule prescribes income tax rates and slab computations for individuals, HUFs, AOPs, firms, societies, local authorities and companies, specifies withholding (TDS) rates by payee and income type with alternative higher of mechanisms for non residents, reiterates surcharge applicability for domestic companies, and sets out detailed rules for computing net agricultural income including classification of agricultural receipts, cross application of Income tax Act provisions, loss set off across specified prior years, deductions for state agricultural taxes and Assessing Officer powers.
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