Income tax rates continued while exemptions extended for welfare awards, Ladakh residents, and SC/ST upliftment bodies. The Finance Act, 1980 maintains existing income tax rates and surcharge for 1980-81 and their application to advance tax, TDS on salaries and certain annuities, and accelerated assessments; continues aggregation of agricultural with non agricultural income for non corporate taxpayers with specified adjustments for unabsorbed agricultural losses; and amends section 10 to (a) exempt approved awards for alleviation of distress, (b) revive Ladakh resident income exemption for a further period, and (c) exempt incomes of government financed bodies promoting Scheduled Castes and Tribes, with retrospective effect from 1 4 1972.
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Provisions expressly mentioned in the judgment/order text.
Income tax rates continued while exemptions extended for welfare awards, Ladakh residents, and SC/ST upliftment bodies.
The Finance Act, 1980 maintains existing income tax rates and surcharge for 1980-81 and their application to advance tax, TDS on salaries and certain annuities, and accelerated assessments; continues aggregation of agricultural with non agricultural income for non corporate taxpayers with specified adjustments for unabsorbed agricultural losses; and amends section 10 to (a) exempt approved awards for alleviation of distress, (b) revive Ladakh resident income exemption for a further period, and (c) exempt incomes of government financed bodies promoting Scheduled Castes and Tribes, with retrospective effect from 1 4 1972.
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