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of <h1>Finance Act, 1988 Sets Income Tax Rates for Entities; Surcharges Apply Above Rs. 50,000; Special Rules for Companies.</h1> The Finance Act, 1988, outlines income tax rates for 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 applicable for incomes exceeding Rs. 50,000, except for non-residents. Different rates apply to domestic and non-domestic companies, with specific considerations for royalties and technical services. The Act also specifies tax deduction rates at source for various income types. Additionally, rules for computing net agricultural income are provided, detailing how losses are to be set off and the computation procedures for different income sources.
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