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of <h1>Income Tax Rates and Surcharges Set for 1975; New Thresholds for Agricultural Income and Life Insurance Profits Announced.</h1> For the assessment year starting April 1, 1975, income tax is levied at rates specified in the First Schedule, with applicable surcharges. Net agricultural income is considered for tax calculation if total income exceeds a threshold. Companies with life insurance profits pay tax at specified rates. Tax deductions are made at rates in Part II of the First Schedule. 'Advance tax' is calculated based on specified rates. Definitions include 'domestic company,' 'industrial company,' and 'net agricultural income.' Amendments have increased certain income thresholds from six thousand to eight thousand rupees.
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