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of <h1>Finance Act, 1987: Income Tax Rates for Individuals, Firms, Companies, and Co-ops; TDS Rules and Agricultural Income Provisions</h1> The Finance Act, 1987 outlines income tax rates for various entities. For individuals, Hindu undivided families, and unregistered firms, tax rates range from nil to 50%, depending on income brackets. Co-operative societies face rates from 15% to 40%. Registered firms are taxed between nil and 24%, with variations for those with professional income. Local authorities are taxed at 50%, while domestic companies face rates from 50% to 60%, and non-domestic companies from 50% to 65%. The Act also specifies tax deduction at source rates and rules for computing agricultural income, including provisions for loss set-off and assessment procedures.
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