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of <h1>The Finance Act, 1970 sets progressive income tax rates and surcharges for individuals, families, firms, and companies.</h1> The Finance Act, 1970 outlines income tax rates and surcharges applicable to various entities, including individuals, Hindu undivided families, unregistered firms, cooperative societies, registered firms, local authorities, and companies. Tax rates vary based on income levels, with specific provisions for deductions and surcharges. Individuals and Hindu undivided families have progressive tax rates starting from 5% for incomes up to Rs. 5,000, increasing to 75% for incomes exceeding Rs. 2,50,000. Companies face rates ranging from 45% to 70%, depending on their structure and income. Surcharges are generally set at 10% of the calculated income tax.
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