Income-tax rate and surcharge changes: revised withholding, exemptions, capital gains and appellate structure follow the Act. The Finance (No. 2) Act, 1977 revises income tax and withholding rate schedules, raises the personal exemption threshold and surcharge for non corporate taxpayers, standardises advance tax limits for non company assessees, and prescribes specific source deduction rates for categories such as royalties, interest, dividends and lottery winnings. It shortens the holding period for short term capital assets, advances the base date for historical valuation for capital gains, inserts exemptions for reinvested long term gains in specified assets, expands investment allowance (including a higher rate for certain technology based production), introduces deductions for approved rural development and small rural undertakings, and creates Commissioner (Appeals) as a new appellate authority across direct tax enactments.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rate and surcharge changes: revised withholding, exemptions, capital gains and appellate structure follow the Act.
The Finance (No. 2) Act, 1977 revises income tax and withholding rate schedules, raises the personal exemption threshold and surcharge for non corporate taxpayers, standardises advance tax limits for non company assessees, and prescribes specific source deduction rates for categories such as royalties, interest, dividends and lottery winnings. It shortens the holding period for short term capital assets, advances the base date for historical valuation for capital gains, inserts exemptions for reinvested long term gains in specified assets, expands investment allowance (including a higher rate for certain technology based production), introduces deductions for approved rural development and small rural undertakings, and creates Commissioner (Appeals) as a new appellate authority across direct tax enactments.
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