Income tax rate structure revised and agricultural loss set off rules adjusted for the 1998 assessment period. Amendments modify section 2 by updating the reference year, removing a surcharge clause and omitting two provisos; substitute Part I of the First Schedule to prescribe tiered tax rates for individuals, co operative societies, firms, local authorities and companies, including differentiated treatment of certain receipts of non domestic companies; and substitute rules in Part IV (rule 8) to require specified past agricultural losses, insofar as not previously set off, to be set off against agricultural income of designated subsequent assessment years, subject to prior determination by the Assessing Officer.
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 rate structure revised and agricultural loss set off rules adjusted for the 1998 assessment period.
Amendments modify section 2 by updating the reference year, removing a surcharge clause and omitting two provisos; substitute Part I of the First Schedule to prescribe tiered tax rates for individuals, co operative societies, firms, local authorities and companies, including differentiated treatment of certain receipts of non domestic companies; and substitute rules in Part IV (rule 8) to require specified past agricultural losses, insofar as not previously set off, to be set off against agricultural income of designated subsequent assessment years, subject to prior determination by the Assessing Officer.
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 
