Surcharge on income-tax: revised surcharge applicability and amended rate schedule with agricultural loss set-off rules. Finance Act, 2004 amends section 2 and substitutes PART I of the First Schedule to revise income tax rates and surcharge application for the financial year commencing 1 April 2004. It prescribes a revised tiered rate structure for individuals/HUFs/AOPs/BOIs and certain artificial juridical persons, distinct surcharges for different classes of assessees, special company rates for specified royalties and fees, and a rebate reduction prior to surcharge. Amendments to Rule 8 mandate set off of specified prior years' agricultural losses against agricultural income for the assessment years commencing 1 April 2004 and 1 April 2005, and bar set off of losses not determined by the Assessing Officer under prior enactments.
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Provisions expressly mentioned in the judgment/order text.
Surcharge on income-tax: revised surcharge applicability and amended rate schedule with agricultural loss set-off rules.
Finance Act, 2004 amends section 2 and substitutes PART I of the First Schedule to revise income tax rates and surcharge application for the financial year commencing 1 April 2004. It prescribes a revised tiered rate structure for individuals/HUFs/AOPs/BOIs and certain artificial juridical persons, distinct surcharges for different classes of assessees, special company rates for specified royalties and fees, and a rebate reduction prior to surcharge. Amendments to Rule 8 mandate set off of specified prior years' agricultural losses against agricultural income for the assessment years commencing 1 April 2004 and 1 April 2005, and bar set off of losses not determined by the Assessing Officer under prior enactments.
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