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of <h1>Finance Act 1978: Income Tax Rates, Surcharges, and Agricultural Income Assessment for Various Entities Explained.</h1> The Finance Act of 1978 outlines income tax rates and surcharges applicable to various entities, including individuals, Hindu undivided families, firms, co-operative societies, local authorities, and companies. Income tax rates vary based on income brackets, with surcharges applied at 15% for most entities and 5% for non-domestic companies. The Act also specifies tax deduction rates at source for different types of income and provides rules for computing net agricultural income, including provisions for setting off agricultural losses against income. Additionally, it details the assessment procedures for agricultural income, aligning them with those for total income under the Income-tax Act.
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