Income-tax rates and surcharge rules: prescribe charging, aggregation and surcharge treatment for agricultural income and withholding obligations. Income-tax for the assessment year commencing 1 April 2002 is charged at rates in the First Schedule, reduced by rebate under Chapter VIII-A and increased by applicable surcharges. Where net agricultural income exceeds the threshold and total income exceeds the prescribed limit, net agricultural income is aggregated with total income for rate application, and tax is computed by comparing tax on the aggregate with tax on the net agricultural income increased by the statutory sum; the difference, adjusted for rebate, is increased by the applicable surcharge. Definitions for domestic company, insurance commission and net agricultural income are provided.
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Income-tax rates and surcharge rules: prescribe charging, aggregation and surcharge treatment for agricultural income and withholding obligations.
Income-tax for the assessment year commencing 1 April 2002 is charged at rates in the First Schedule, reduced by rebate under Chapter VIII-A and increased by applicable surcharges. Where net agricultural income exceeds the threshold and total income exceeds the prescribed limit, net agricultural income is aggregated with total income for rate application, and tax is computed by comparing tax on the aggregate with tax on the net agricultural income increased by the statutory sum; the difference, adjusted for rebate, is increased by the applicable surcharge. Definitions for domestic company, insurance commission and net agricultural income are provided.
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