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of <h1>Finance Act, 1989: Tax Rates, Surcharges, and Agricultural Income Rules for Individuals, Firms, and Companies.</h1> The Finance Act, 1989 outlines income tax rates and surcharges applicable to various entities, including individuals, Hindu undivided families, firms, co-operative societies, local authorities, and companies. Tax rates vary based on income brackets, with surcharges applicable for incomes exceeding Rs. 50,000. The Act also specifies rates for tax deduction at source for different income types and provides rules for computing net agricultural income, including set-off provisions for agricultural income losses. The Act mandates specific procedures for assessment and computation of net agricultural income, granting assessing officers powers similar to those under the Income-tax Act.
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