Finance Acts

CHAPTER II

RATES OF INCOME-TAX

Income-tax.

2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st April, 2025, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.

(2) In the cases to which Paragraph A of Part I of the First Schedule applies, or in the cases where income is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act) and, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds two lakh fifty thousand rupees, then,-

(a)	-	the net agricultural income shall be taken into account, in the manner provided in clause (b) (that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax), only for the purpose of charging income-tax in respect of the total income; and
(b)	-	the income-tax chargeable shall be computed as follows:-.... To read the full section download the app from Google Play store Latest Job Openings View all 14 May 2026 Senior Accounts Executive Karan Gupta & Co. New Delhi Graduate (Any) View Details 11 May 2026 AUDIT INTERN M/S K.K.KHANNA AND COMPANY Noida CA Foundation View Details Featured 29 April 2026 Manager- Finance and Compliance Naveen Fintech Pvt Ltd Kolkata CA Inter View Details ARTICLESHIP 05 May 2026 ARTICLED ASSISTANT JS ADVISORS New Delhi CA Inter View Details 29 April 2026 Internal Auditor SNCO Mumbai CA Inter View Details ARTICLESHIP 30 April 2026 Article Assistant J SINGH & ASSOCIATES Ahmedabad CA Inter View Details 22 May 2026 Sr. Financial Analyst - Consolidation Search Synergy Mumbai CA View Details 18 May 2026 MIS Executive Primarc Pecan Retail Limited Mumbai B.Com View Details Share  Facebook  Twitter  Linkedin  Reddit  Email  Whatsapp  Gmail  Pocket  Print  Pinterest  PDF  Translate Whatsapp Groups GST Income Tax CA Final CA Inter CAclubindia Login at CAclubindia CAclubindia India's largest network for finance professionals User Name Password Remember Me Forgot Password ? Alternatively, you can log in using: Login with Google Don't have an account? Register Now click here to register