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of <h1>Finance Act 1987: Income Tax Rates, Deductions, and Surcharges for Assessment Year from April 1, 1987</h1> The Finance Act of 1987 outlines the rates of income tax applicable for the assessment year starting April 1, 1987. It specifies that income tax shall be charged at rates detailed in the First Schedule, considering net agricultural income exceeding six hundred rupees. The Act provides mechanisms for calculating income tax by aggregating total income and net agricultural income, with specific provisions for deductions and surcharges under various sections of the Income-tax Act, 1961. Definitions for terms like 'domestic company,' 'investment company,' and 'trading company' are provided, aligning with the Income-tax Act.
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