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of <h1>Income Tax Rates for 1970 Set by Finance Act; Specific Rules for Life Insurance and Company Classifications Apply</h1> For the assessment year starting April 1, 1970, income tax is charged at rates specified in the First Schedule of the Finance Act, 1970, with additional surcharges for certain cases. Companies with life insurance business profits are taxed at rates applicable to the Life Insurance Corporation of India. Tax deductions under various sections of the Income-tax Act, 1961, are made at specified rates. Definitions for terms like 'domestic company' and 'industrial company' are provided, with specific criteria for classification. Amendments made by the Finance Act, 1971, were repealed and are considered never enacted.
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