Income-tax rates: agricultural income aggregation alters tax computation and surcharge application for taxable income. Income-tax for the assessment year beginning 1 April 1997 is charged at rates in Part I of the First Schedule with applicable surcharges; where net agricultural income in the previous year exceeds the de minimis amount and total income exceeds the basic exemption, net agricultural income is included only for tax computation by aggregating it with total income, computing tax on the aggregate, computing tax on the agricultural income after adding the basic offset, and subtracting the latter to determine tax chargeable. Corresponding rules apply for advance tax, specified provisos and sections, and surcharge and withholding/collection rates follow the First Schedule or the relevant statutory provisions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income-tax rates: agricultural income aggregation alters tax computation and surcharge application for taxable income.
Income-tax for the assessment year beginning 1 April 1997 is charged at rates in Part I of the First Schedule with applicable surcharges; where net agricultural income in the previous year exceeds the de minimis amount and total income exceeds the basic exemption, net agricultural income is included only for tax computation by aggregating it with total income, computing tax on the aggregate, computing tax on the agricultural income after adding the basic offset, and subtracting the latter to determine tax chargeable. Corresponding rules apply for advance tax, specified provisos and sections, and surcharge and withholding/collection rates follow the First Schedule or the relevant statutory provisions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
