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<h1>Finance Act, 1972: Income Tax Rates and Surcharges for Individuals, Companies, and Entities Explained</h1> The Finance Act, 1972 outlines income tax rates and surcharges applicable to various entities including individuals, Hindu undivided families, co-operative societies, registered firms, local authorities, and companies. Tax rates vary based on income brackets, with higher incomes subjected to higher tax percentages. Surcharges are applied to the computed income tax, with rates differing by entity type and income level. Specific provisions are made for Hindu undivided families and domestic companies, with adjusted tax rates and surcharges based on public interest and income sources. The Act also prescribes rates for tax deduction at source for different income types.