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of <h1>Finance (No. 2) Act, 1971: Progressive Income Tax Rates for Individuals, Corporates & Entities, Surcharges Included</h1> The Finance (No. 2) Act, 1971, outlines income tax and surcharge rates for various entities. Individual and Hindu undivided families have progressive tax rates starting from nil for incomes up to Rs. 5,000, increasing up to 85% for incomes exceeding Rs. 2,00,000, with additional surcharges. Co-operative societies, registered firms, local authorities, and companies have specified tax rates based on income brackets, with surcharges applied. The Life Insurance Corporation and domestic companies have distinct tax rates, with provisions for deductions at source under specific sections of the Income-tax Act. Rates for non-resident companies include considerations for royalties and technical services.
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