Exemption limit increase alters tax rate structure and validates prior advance-tax notices allowing taxpayer payment adjustments. The Amending Act raises the exemption limit and revises the first two sub-paragraphs of the rate schedule with retrospective effect, fixing a nil rate on the initial income slab and a new middle slab rate while retaining higher slab rates; the revised schedules apply to salary withholding, advance tax computation, certain retirement annuities and special accelerated assessments. Section 2(7) raises the threshold for partially integrated taxation to the revised exemption, and the Act validates earlier advance-tax notices by treating them as if revised under the new rates, permitting taxpayers to adjust excess payments.
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Provisions expressly mentioned in the judgment/order text.
The Amending Act raises the exemption limit and revises the first two sub-paragraphs of the rate schedule with retrospective effect, fixing a nil rate on the initial income slab and a new middle slab rate while retaining higher slab rates; the revised schedules apply to salary withholding, advance tax computation, certain retirement annuities and special accelerated assessments. Section 2(7) raises the threshold for partially integrated taxation to the revised exemption, and the Act validates earlier advance-tax notices by treating them as if revised under the new rates, permitting taxpayers to adjust excess payments.
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