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<h1>Finance Act 1977: Income Tax Rates, Surcharges for Individuals, Entities, and Deductions at Source Explained</h1> The Finance (No. 2) Act, 1977 outlines income tax rates and surcharges applicable to various entities, including individuals, Hindu undivided families, firms, co-operative societies, local authorities, and companies. Tax rates vary based on income brackets, with specific provisions for different types of entities. A surcharge, generally at 10% or 15%, is applied to the calculated income tax. The Act also details rules for computing agricultural income, including deductions for state taxes and provisions for setting off losses against agricultural income. Tax rates for deductions at source are specified for different income types and entities.