Income-tax rate schedule sets tiered tax bands and surcharges differentiating individuals, firms, companies, co operatives and local authorities.

The Schedule prescribes tiered income tax bands and corresponding rate formulas for individuals, HUFs, associations, co operative societies, registered firms, local authorities, LIC and companies, together with class specific surcharge rules and occasional caps. Companies are allocated separate domestic and non domestic tracks with provisos limiting tax escalation above thresholds. Part II sets withholding rates by payee class and income type; Part III prescribes rates for salary deductions, certain special assessments and advance tax computations, generally reflecting the Part I structure with adjusted surcharge rates and ceilings.

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