Income-tax rate and surcharge changes implemented, with detailed rules for treating net agricultural income and withholding mechanics. The Act prescribes revised income-tax rates and surcharge application through the First Schedule, sets out detailed rates for deduction at source and for calculation of income-tax and advance tax in specified cases, and establishes comprehensive rules for computing and treating net agricultural income - including aggregation, increased-amount computation and subtraction to determine tax on total income - while enacting numerous amendments to Income-tax, Wealth-tax, Gift-tax and Expenditure-tax statutes, introducing new exemptions, deductions and special computation provisions with specified effective and deemed retrospective dates.
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Income-tax rate and surcharge changes implemented, with detailed rules for treating net agricultural income and withholding mechanics.
The Act prescribes revised income-tax rates and surcharge application through the First Schedule, sets out detailed rates for deduction at source and for calculation of income-tax and advance tax in specified cases, and establishes comprehensive rules for computing and treating net agricultural income - including aggregation, increased-amount computation and subtraction to determine tax on total income - while enacting numerous amendments to Income-tax, Wealth-tax, Gift-tax and Expenditure-tax statutes, introducing new exemptions, deductions and special computation provisions with specified effective and deemed retrospective dates.
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