Income tax rate structure and surcharge regime set out, with TDS rates and agricultural income computation rules clarified.

The Schedule prescribes operative income-tax rates and surcharge rules for individuals (with separate bands for senior and super senior residents), co-operative societies, firms, local authorities and companies; sets rates for tax deduction at source across resident/non-resident persons and companies for items like interest, winnings, dividends, royalties, technical fees and capital gains; and establishes rules for computing net agricultural income including classification of agricultural receipts, specific deeming percentages for tea, rubber and coffee, set-off and carry-forward of agricultural losses for specified prior years, and limits where succession is not by inheritance.

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