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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act, 1994: Income Tax Rates, Surcharges, and Deductions Explained for 1994-95; Includes Agricultural Income Provisions</h1> The Finance Act, 1994, outlines the rates of income tax applicable for the assessment year starting April 1, 1994. It specifies that income tax is charged at rates detailed in the First Schedule, subject to rebates and surcharges. Surcharges apply differently based on income levels and types, including agricultural income. The Act mandates specific calculations for income tax and advance tax, considering both total and agricultural income. It also details the tax deduction and collection at source, with surcharges applicable to domestic companies. Definitions for terms like 'domestic company' and 'net agricultural income' are provided, aligning with the Income-tax Act, 1961.
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