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<h1>Finance Act, 1993: Income Tax Rates, Surcharges, and Deductions for Individuals and Entities Explained</h1> The Finance Act, 1993 outlines income tax rates and surcharges for various entities, including individuals, Hindu undivided families, associations, co-operative societies, firms, local authorities, and companies. Tax rates vary based on income levels, with specific provisions for domestic and foreign companies. Surcharges apply to incomes exceeding certain thresholds, with exemptions for non-residents. The Act also details rules for tax deduction at source, agricultural income computation, and loss offsetting. Agricultural income is computed under specified heads, with rules for setting off losses against future income. The Act provides the Assessing Officer with powers akin to those under the Income-tax Act for assessment purposes.