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of <h1>Finance Bill 2016 Sets Tax Rates for Individuals, Seniors, Companies; Details Surcharges, TDS, and Advance Tax Rules</h1> The Finance Bill, 2016 outlines the rates of income tax for the assessment year 2016-17, specifying different rates for individuals, senior citizens, and companies. It includes provisions for surcharges on income exceeding certain thresholds, with varying rates for domestic and non-domestic entities. The Bill also details rates for tax deduction at source for different income types, including salaries and non-salary incomes, and stipulates rules for advance tax payments. Additional surcharges, such as the Education Cess and Secondary and Higher Education Cess, are applied to support educational funding. Marginal relief is provided in cases where income slightly exceeds the surcharge thresholds.
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