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<h1>Finance Act 2005: Income Tax Rates and Surcharges for Individuals, Companies, and More Explained</h1> The Finance Act, 2005 outlines income tax rates and surcharges applicable to various entities, including individuals, Hindu undivided families, co-operative societies, firms, local authorities, and companies. For individuals, tax rates vary based on income brackets, with surcharges applicable for incomes exceeding certain thresholds. Co-operative societies and firms are taxed at specific rates with additional surcharges. Companies, both domestic and foreign, face different tax rates based on income type, such as royalties or technical services, with surcharges added. The Act also details tax deduction rates at source and rules for computing agricultural income, including loss set-offs and procedural guidelines for assessment.