Income-tax rates and surcharge tiers establish progressive tax, withholding and computation rules across taxpayer classes.

Prescribes comprehensive income-tax rates and surcharge frameworks for individuals (including senior categories), co-operative societies, firms, local authorities and companies; details withholding rates for diverse income heads distinguishing residents, non-residents and companies; reiterates applicable rates for salary withholding and advance tax computations; and sets rules for computing net agricultural income by mapping agricultural receipts to income heads, prescribing expense and loss set-off rules, special product apportionments and applicability of assessment procedures.

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