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of <h1>Finance Act 2016: Income Tax Rates, Surcharges, and Special Provisions for Seniors and Agricultural Income</h1> The Finance Act, 2016 outlines the rates of income tax for the assessment year starting April 1, 2016. It specifies tax rates and surcharges based on income levels and types of taxpayers, including individuals, companies, and non-residents. Special provisions apply to agricultural income and senior citizens, with different thresholds for tax calculations. Surcharges vary by income bracket and taxpayer category, with additional levies like the Education Cess and Secondary and Higher Education Cess. The Act also defines terms such as 'domestic company' and 'net agricultural income' for clarity in tax assessment and compliance.
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