Income-tax rates and surcharge framework sets rates, surcharge and cess for specified taxable categories and withholding obligations.

Specification of income-tax rates for the assessment year commencing 1 April 2023, increased by applicable surcharge in the First Schedule and further by a four per cent. Health and Education Cess; provides special aggregation and computation rules for net agricultural income above a threshold with adjusted exemption amounts for senior residents; prescribes surcharge bands, caps and computation methods for various taxpayer categories and special tax regimes; and prescribes rates and surcharge treatment for tax deducted or collected at source and for advance tax, with relevant definitions for application.

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