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<h1>Finance Act, 1994: Income Tax Rates & Surcharges for Individuals, HUFs, Co-ops, Firms, Companies</h1> The Finance Act, 1994 sets out income tax rates and surcharges for various entities including individuals, Hindu undivided families, co-operative societies, firms, local authorities, and companies. For individuals and Hindu undivided families, income up to Rs. 30,000 is tax-exempt, with rates increasing progressively for higher income brackets. Co-operative societies and firms face specific tax rates and surcharges, while companies are taxed based on their domestic or foreign status, with different rates for public and non-public companies. The Act also outlines rules for tax deduction at source and provides detailed guidelines for computing agricultural income, including provisions for setting off losses and deductions for state taxes on agricultural income.