Income-tax rates and surcharge framework set bracketed liabilities, TDS rates and agricultural income computation rules.

The Schedule prescribes rates of income-tax and related surcharge rules for varied taxpayer classes (individuals, HUFs, AOPs, co-operative societies, firms, local authorities and companies), sets differentiated TDS rates for residents and non-residents across specified income types, and provides procedural rates for salary withholding and advance tax. It further establishes rules for computing net agricultural income by categorising agricultural receipts and applying corresponding income-tax provisions, loss set-off mechanics across specified prior years, deduction of State agricultural taxes, and assessment powers for computing net agricultural income.

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