Income tax reform: comprehensive restructuring of rates, deductions, withholding and wealth tax provisions affecting taxpayers and banks. The Finance Act, 1985, comprehensively revises direct taxation by prescribing new income tax rates and withholding schedules for assessment year 1985 86 and financial year 1985 86, reduces corporate and personal tax rates while abolishing surcharge for non corporate taxpayers, retains a company surcharge subject to a deposit option, and preserves partial integration of agricultural income for advance tax. It enacts targeted Income tax amendments raising exemption limits and modifying salary reliefs and perquisites, introduces sectoral deductions (including for tea growers and know how), substitutes export incentives, tightens compliance and penalty provisions, reforms wealth tax exemptions and rates, and discontinues interest tax on scheduled banks.
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Income tax reform: comprehensive restructuring of rates, deductions, withholding and wealth tax provisions affecting taxpayers and banks.
The Finance Act, 1985, comprehensively revises direct taxation by prescribing new income tax rates and withholding schedules for assessment year 1985 86 and financial year 1985 86, reduces corporate and personal tax rates while abolishing surcharge for non corporate taxpayers, retains a company surcharge subject to a deposit option, and preserves partial integration of agricultural income for advance tax. It enacts targeted Income tax amendments raising exemption limits and modifying salary reliefs and perquisites, introduces sectoral deductions (including for tea growers and know how), substitutes export incentives, tightens compliance and penalty provisions, reforms wealth tax exemptions and rates, and discontinues interest tax on scheduled banks.
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