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of <h1>Finance Act 1978: Income Tax Rates, Surcharges, and Deductions for Agricultural Income Over 10,000 Rupees</h1> The Finance Act of 1978 outlines the rates of income tax for the assessment year beginning April 1, 1978. It specifies that income tax will be charged according to rates in the Schedule, with additional surcharges applied in certain cases. For individuals with net agricultural income exceeding ten thousand rupees, the tax calculation involves aggregating total and agricultural income, applying specified rates, and adjusting for surcharges. The Act also addresses tax deductions under various sections of the Income-tax Act, 1961, and defines key terms such as 'domestic company,' 'industrial company,' and 'net agricultural income' for tax purposes.
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