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of <h1>Finance Act, 1965: Progressive Tax Rates for Individuals, Co-ops, and Firms; Companies Face Up to 80% Tax Rate</h1> The Finance Act, 1965 outlines income tax and surcharge rates for various entities. Individuals, Hindu undivided families, and others are taxed progressively, starting at 5% for incomes up to Rs. 5,000, increasing to 65% for incomes over Rs. 70,000. Co-operative societies face similar progressive rates, with a maximum of 41% for incomes above Rs. 25,000. Registered firms pay no tax on incomes up to Rs. 25,000, with rates increasing thereafter. Local authorities are taxed at 45%, while the Life Insurance Corporation of India faces a 47.5% rate. Other companies are taxed at 80%, with specific rebates and surcharges applied.
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