Income tax rates and compliance reforms: new rate schedule, TDS regime, capital gains and Settlement Commission restructuring. The Act revises income tax charging for the 1987-88 year by prescribing new rates (First Schedule), detailing aggregation rules for net agricultural income and methods for calculating income tax and advance tax, and enacts extensive amendments to definitions, capital gains computation (section 48), withholding obligations and TDS administration (including tax deduction account numbers and penalties), special deemed profit provisions for specified businesses, and restructuring of Settlement Commission benches and procedures, with parallel consequential changes to wealth tax and gift tax laws.
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Income tax rates and compliance reforms: new rate schedule, TDS regime, capital gains and Settlement Commission restructuring.
The Act revises income tax charging for the 1987-88 year by prescribing new rates (First Schedule), detailing aggregation rules for net agricultural income and methods for calculating income tax and advance tax, and enacts extensive amendments to definitions, capital gains computation (section 48), withholding obligations and TDS administration (including tax deduction account numbers and penalties), special deemed profit provisions for specified businesses, and restructuring of Settlement Commission benches and procedures, with parallel consequential changes to wealth tax and gift tax laws.
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