Income-tax rates and withholding rules clarified, with distinct corporate and non-resident treatment and agricultural income computation. Rates of income-tax and surcharge structures are prescribed for individuals, HUFs, associations, co-operative societies, firms, local authorities and companies with distinct slab and flat rates; withholding tax rates for residents, non-residents and companies are specified for interest, winnings, royalties, technical fees and long-term capital gains with date- and approval-conditioned distinctions. Separate rates apply for calculating tax for salary withholding and advance tax computation. Rules detail computation of net agricultural income by classifying agricultural receipts under appropriate heads, set-off and carry-forward of agricultural losses, deductions for State agricultural taxes and Assessing Officer powers.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rates and withholding rules clarified, with distinct corporate and non-resident treatment and agricultural income computation.
Rates of income-tax and surcharge structures are prescribed for individuals, HUFs, associations, co-operative societies, firms, local authorities and companies with distinct slab and flat rates; withholding tax rates for residents, non-residents and companies are specified for interest, winnings, royalties, technical fees and long-term capital gains with date- and approval-conditioned distinctions. Separate rates apply for calculating tax for salary withholding and advance tax computation. Rules detail computation of net agricultural income by classifying agricultural receipts under appropriate heads, set-off and carry-forward of agricultural losses, deductions for State agricultural taxes and Assessing Officer powers.
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