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of <h1>Finance Act 1998: Progressive Tax Rates for Individuals and Entities, TDS Rates, and Agricultural Income Rules</h1> The Finance (No. 2) Act, 1998 outlines tax rates for various entities. Individuals, Hindu undivided families, and artificial juridical persons have progressive tax rates based on income brackets, starting from nil for income up to Rs. 40,000, up to 30% for income exceeding Rs. 1,50,000. Co-operative societies, firms, local authorities, and companies have specified tax rates, with companies taxed at 35% domestically and 48-50% for non-domestic income from royalties and technical services. The Act also details tax deduction at source rates for different income types, including interest, winnings from lotteries, and royalties, with specific rates for residents and non-residents. Agricultural income computation rules are provided, including provisions for loss set-off and assessment procedures.
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