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of <h1>Finance Act 2018: Tax Rates, Surcharges, and Cess Outlined for Various Income Brackets and Taxpayer Types</h1> The Finance Act, 2018 outlines the rates of income tax applicable for the assessment year starting April 1, 2018. Tax is charged based on specified rates, with additional surcharges for various income brackets. For individuals with net agricultural income exceeding INR 5,000 and total income over INR 250,000, tax calculations incorporate agricultural income. Higher thresholds apply for senior residents. Surcharges vary by income level and taxpayer type, including individuals, companies, and non-residents. Additional cesses are imposed for education and health funding. Specific provisions apply to advance tax, tax deductions, and collections under various sections of the Income-tax Act, 1961.
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