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<h1>Finance Act 1996 Sets Tax Rates and Deductions for Individuals, Firms, and Companies with Income Bracket Variations</h1> The Finance (No. 2) Act, 1996, outlines income tax rates applicable to individuals, Hindu undivided families, associations, bodies of individuals, and artificial juridical persons, with varying rates based on income brackets. Co-operative societies, firms, local authorities, and companies also have specified tax rates, with additional surcharges for certain income levels. The Act includes provisions for tax deductions at source for various income types, both for residents and non-residents. It details rules for computing net agricultural income, addressing loss adjustments and computation methods aligned with the Income-tax Act. The Act provides comprehensive guidelines for tax assessment and computation.