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of <h1>Finance Act 2016: Income Tax Rates for Individuals, Companies & Co-ops; Surcharges for High Incomes; Deduction Rules</h1> The Finance Act, 2016 outlines income tax rates for individuals, Hindu undivided families, associations, and companies. For individuals, tax rates vary based on age and income brackets, with higher exemptions for senior citizens. Co-operative societies and firms are taxed at specific rates, with surcharges applicable for incomes exceeding one crore rupees. Companies, both domestic and foreign, face different tax rates, with additional surcharges based on income levels. The Act also details tax deduction rates at source for various income types, including interest and winnings. Agricultural income is computed under specified rules, with provisions for loss carry-forward and set-off.
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