Income-tax rates and surcharge framework revised; differentiated slabs, TDS schedules and agricultural income computation rules specified.

The instrument prescribes income-tax rates and surcharge mechanisms across taxpayer classes-including age-based slabs for resident individuals, fixed rates for co-operative societies, firms and local authorities, and differentiated corporate rates tied to turnover and receipt types-alongside detailed TDS rates for residents and non-residents across specified income categories. It aligns withholding and advance tax computation with these rates and establishes rules for computing net agricultural income by mapping agricultural receipts to appropriate heads of income, specifying special valuation percentages for tea, rubber and coffee, rules for loss set-off across prior years, deduction of state agricultural taxes, and procedural powers for assessment.

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