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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>Finance Act 2014: Tax Rates and Surcharges Explained for Individuals, Companies, and Non-Residents with Special Provisions for Seniors</h1> The Finance (No. 2) Act, 2014 outlines the rates of income tax for the assessment year starting April 1, 2014. It specifies tax rates and surcharges applicable to various entities, including individuals, companies, and non-residents, based on their total income. Special provisions apply to individuals over 60 and 80 years old, allowing higher income thresholds before tax is levied. Additional surcharges, such as the Education Cess and the Secondary and Higher Education Cess, are imposed to support educational funding. Specific rules govern deductions and collections under various sections of the Income-tax Act, with different rates for domestic and foreign companies.