Surcharge rate reduction under section 115P decreases the specified surcharge rate for affected taxpayers and alters computation. The Taxation Laws (Amendment) Act, 2003 amends section 115P of the Income-tax Act by substituting the words 'one and one-fourth per cent.' with the words 'one per cent.', thereby changing the statutory rate specified in that provision.
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Provisions expressly mentioned in the judgment/order text.
Surcharge rate reduction under section 115P decreases the specified surcharge rate for affected taxpayers and alters computation.
The Taxation Laws (Amendment) Act, 2003 amends section 115P of the Income-tax Act by substituting the words "one and one-fourth per cent." with the words "one per cent.", thereby changing the statutory rate specified in that provision.
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