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of <h1>Finance Act 1999 Sets Income Tax Rates, Special Provisions for Agricultural Income, and 10% Surcharge Details</h1> The Finance Act, 1999, outlines the rates of income tax applicable from April 1, 1999. It specifies that income tax is charged based on rates in the First Schedule, with special provisions for net agricultural income exceeding 600 rupees when total income exceeds 50,000 rupees. Tax calculations involve aggregating total and agricultural income, applying surcharges for individuals and companies, and adjusting for specific sections of the Income-tax Act. The Act includes provisions for tax deductions, collections, and advance tax computations, with a 10% surcharge for residents and domestic companies, except for non-residents. Definitions for terms like 'domestic company' and 'net agricultural income' are provided.
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