Finance Act, 1998Not verifiedPrevious year 1997-98
Income-tax rates for assessment year 1998-99
The rates Finance Act, 1998 charged on the income of the previous year 1997-98, taken from the Act’s own charging section and First Schedule.
Not independently verified
The independent pass that re-read this dataset could not confirm this year. It recorded, in the record’s own words: “No First Schedule was reachable for this Act, so no rate on this page has been verified.” Treat every figure below as unconfirmed and open the source before you use it.
What this year’s reading did not reach
Only section 2 was supplied for the Finance Act 1998; the First Schedule was not, so no slab table, no surcharge rate and no company, firm or co-operative rate could be read and those fields are absent rather than guessed. Section 2 states no 'maximum amount which is not chargeable to income-tax'. The figure of forty thousand rupees does appear in section 2(2), but only as the threshold in the agricultural-income aggregation rule ('net agricultural income exceeding six hundred rupees and total income exceeding forty thousand rupees'); it is not stated there as the exemption limit and has deliberately not been filed as basic_exemption. No cess existed in this year.
Which Act set these rates
ActFinance Act, 1998
Assessment year1998-99
Income of the previous year1997-98
What was readthe charging section only — the First Schedule was not reached
Finance Act, 1998 charged income-tax for the assessment year commencing 1 April 1998. What it charged was the income of the previous year 1997-98. The two are a year apart and the difference matters: a table headed by the wrong one is useless.
The slabs
Single
individual, Hindu undivided family, association of persons, body of individuals (Paragraph A of Part I)
Maximum amount not chargeable to income-tax: The Act’s text for this was not reached. No figure is recorded, and none has been supplied from another year.
No rate table is recorded for this regime in this year’s record. What the record does say about it is set out below; nothing has been supplied from another year or another Act.
Section 2(1): 'Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 1998, income-tax shall be charged at the rates specified in Part I of the First Schedule.' Part I itself was not among the sources supplied, so no slab table is recorded.
Senior citizens, very senior citizens, and women
Only where the Act for this year set a separate threshold or a separate table. Where it did not, this page says so.
Resident senior citizens
This year’s record carries no separate table or threshold under this head.
Resident very senior citizens
This year’s record carries no separate table or threshold under this head.
Resident women
This year’s record carries no separate table or threshold under this head.
Surcharge
No surcharge is recorded for this year. The record does not say whether that is because the Act imposed none or because the surcharge clause was not reached — read the sources before assuming either.
Cess
No cess is recorded for this year.
Marginal relief
No marginal-relief provision is recorded for this year.
Companies, firms, co-operative societies and local authorities
Reproduced in the Act’s own words, because these rates carry conditions a single percentage cannot.
| Assessee | Rate as the Act states it |
|---|
| Domestic company | The Act’s text for this was not reached. No figure is recorded, and none has been supplied from another year. |
| Foreign company | The Act’s text for this was not reached. No figure is recorded, and none has been supplied from another year. |
| Firms and limited liability partnerships | The Act’s text for this was not reached. No figure is recorded, and none has been supplied from another year. |
| Co-operative societies | The Act’s text for this was not reached. No figure is recorded, and none has been supplied from another year. |
| Local authorities | The Act’s text for this was not reached. No figure is recorded, and none has been supplied from another year. |
What changed from the year before
Worked out by comparing this record with the one for the preceding assessment year in this collection. Where a figure is absent from either record, that is said rather than guessed.
- Against assessment year 1997-98 (Finance Act, 1997): the previous record’s ‘single’ limit of Rs 40,000 has no counterpart under that name this year.
- The top slab rate cannot be compared: AY 1998-99 carries no slab table.
- Neither year records a surcharge on individuals.
- No cess is recorded for either year.
- The company rates are not reached this year, so they cannot be compared with the previous record’s.
- The firm rate are not reached this year, so they cannot be compared with the previous record’s.
- The co-operative society rates are not reached this year, so they cannot be compared with the previous record’s.
- The local authority rate are not reached this year, so they cannot be compared with the previous record’s.
What this page is, and what it is not
The figures are the Finance Act’s own. Every rate, threshold and exemption on this page was taken out of the Income Tax Department’s own text of the Act that charged the year — the charging section and the First Schedule — and the records we read are linked under Sources on each year’s page. The writing around the figures is ours: the arrangement, the headings, the comparison with the year before and every sentence of explanation. Those are not the Act.
These tables are for orientation. The Act governs. A rate table is a finding aid, not the law. The Act, its First Schedule and the provisos in it decide what is payable, and a table cannot carry the provisos. If you are about to rely on a figure here — in a return, in a computation, in a reply to a notice — open the source linked on the year’s page and read the figure in the Act for yourself. Where a record did not reach a rate, this library says so rather than filling the gap.