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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>Finance Act, 2009: Income Tax Rates Amended; New Brackets, Surcharges for Individuals, Firms, and Co-operatives</h1> The Finance Act, 2009, amends the income tax rates for the assessment year starting April 1, 2009. It updates the provisions of the Finance Act, 2008, with changes including increased income brackets for various tax rates and surcharges. For individuals, the tax rates vary based on income levels and categories, such as general, women, and senior citizens. Specific rates are also set for co-operative societies, firms, local authorities, and companies, with surcharges applied to incomes exceeding certain thresholds. The Act also addresses the treatment of agricultural income losses from previous years, specifying conditions for setting off such losses.