Income tax rates and withholding rules redefined, with surcharge provisions and detailed net agricultural income computation.

Prescribes statutory income tax bands for individuals, HUFs, firms, local authorities and companies with surcharge rules; sets rates for deduction of tax at source by nature of receipt for residents, non residents and companies, including higher fallback withholding for non residents; provides adjusted rates for interim calculations and advance tax; and details rules for computing net agricultural income by recharacterising agricultural receipts under relevant heads, specifying loss set off, carry forward from specified prior years, special treatment for tea income, deduction of state agricultural taxes, and procedural powers for assessment.

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