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of <h1>Income-Tax and Super-Tax Rates Set for 1961-62; Deductions and Definitions Outlined in Finance Act, 1961</h1> The Finance Act, 1961 outlines the imposition of income-tax and super-tax for the fiscal year starting April 1, 1961. Income-tax is charged at rates specified in the First Schedule, with applicable surcharges, while super-tax is similarly charged and increased by surcharges. For assessments ending March 31, 1962, specific rules apply to income from salaries and life insurance business profits. Tax deductions follow rates in Part III of the First Schedule. 'Total income' is defined per the Income-tax Act, and 'earned income' as per section 2(6AA) of the same Act.
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