Income tax rate amendments increase individual exemption, revise taxpayer rate schedules and mandate agricultural loss set off. Amendments update income tax for the assessment/financial year commencing 1 April 1996 by increasing the basic exemption threshold for individuals, substituting revised graduated rates across taxpayer classes including differentiated company rates and a surcharge on domestic companies above a threshold, and replacing Part I of the First Schedule. They insert detailed transitional rules requiring set off of undischarged agricultural losses from specified prior years against agricultural income of the stated subsequent assessment year(s), and restrict set off to losses determined by the Assessing Officer under the prescribed rules.
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Income tax rate amendments increase individual exemption, revise taxpayer rate schedules and mandate agricultural loss set off.
Amendments update income tax for the assessment/financial year commencing 1 April 1996 by increasing the basic exemption threshold for individuals, substituting revised graduated rates across taxpayer classes including differentiated company rates and a surcharge on domestic companies above a threshold, and replacing Part I of the First Schedule. They insert detailed transitional rules requiring set off of undischarged agricultural losses from specified prior years against agricultural income of the stated subsequent assessment year(s), and restrict set off to losses determined by the Assessing Officer under the prescribed rules.
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