Tax surcharge increases and withholding rule changes expand withholding obligations and targeted sectoral incentives under Finance Act, 1989. Finance Act, 1989 prescribes revised income tax rates and targeted surcharges, updates withholding tax rates and timing (including special surcharges on tax deducted or collected at source with specified exemptions), and clarifies treatment of capital gains on certain agricultural land. It amends deduction rules to require actual payment for certain liabilities, tightens Investment Deposit Account withdrawal treatment, mandates company profit computation for minimum tax purposes, and adjusts assessment time limits. The Act furnishes sectoral incentives for exchange risk funds, venture capital, housing bank deposits and retiring employee deposits, and enacts procedural changes to withholding, reporting and revision powers.
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Tax surcharge increases and withholding rule changes expand withholding obligations and targeted sectoral incentives under Finance Act, 1989.
Finance Act, 1989 prescribes revised income tax rates and targeted surcharges, updates withholding tax rates and timing (including special surcharges on tax deducted or collected at source with specified exemptions), and clarifies treatment of capital gains on certain agricultural land. It amends deduction rules to require actual payment for certain liabilities, tightens Investment Deposit Account withdrawal treatment, mandates company profit computation for minimum tax purposes, and adjusts assessment time limits. The Act furnishes sectoral incentives for exchange risk funds, venture capital, housing bank deposits and retiring employee deposits, and enacts procedural changes to withholding, reporting and revision powers.
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