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of <h1>Finance Act 2017: Income Tax Rates, Surcharges, and Deductions Explained for Different Income Levels and Senior Citizens</h1> The Finance Act, 2017 outlines the income tax rates applicable for the assessment year starting April 1, 2017. It specifies that income tax is charged at rates in Part I of the First Schedule, with additional surcharges based on income levels. For individuals with net agricultural income over five thousand rupees and total income exceeding two lakh fifty thousand rupees, specific calculations are applied. Special provisions exist for senior citizens, with different income thresholds. Additional surcharges include Education Cess and Secondary and Higher Education Cess. Various sections of the Income-tax Act dictate specific tax deductions and collections, with surcharges applicable under certain conditions.
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