Tax rates and withholding rules updated, altering individual slabs, company surtaxes, TDS categories and agricultural income computation.

Statutory schedules set income-tax rates and surcharge rules for individuals, firms, local authorities and companies, prescribe withholding rates for specified receipts distinguishing resident and non-resident payees and domestic and non-domestic companies, and provide procedural rates for charging tax, salary deductions and advance tax. Detailed rules define computation of net agricultural income by reference to appropriate heads of income, special presumptions for specified agricultural products, loss set-off and carry-forward rules, and Assessing Officer powers and exclusions for undetermined losses.

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