Introducing the βIn Favour Ofβ filter in Case Laws.
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Introducing the βIn Favour Ofβ filter in Case Laws.
Try it now in Case Laws β


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<h1>Finance Bill 2013 Sets Progressive Income Tax Rates for Individuals, Flat Rates for Entities, and Special Rates for Non-Residents</h1> The Finance Bill, 2013 outlines income tax rates for various entities. Individuals are taxed at progressive rates based on income brackets, with exemptions for lower incomes and varied rates for senior citizens. Co-operative societies, firms, local authorities, and domestic companies face flat tax rates, with surcharges applicable for incomes exceeding one crore rupees. Non-resident companies have specific rates for royalties and technical services. Tax deduction at source is specified for various income types. Agricultural income is computed under specific rules, allowing for loss set-off and deductions for state taxes, with detailed provisions for specific agricultural products.