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of <h1>Finance Act, 1974: Tax Rates and Surcharges for Income, Agricultural Profits, and Life Insurance Businesses Explained</h1> The Finance Act, 1974 outlines the rates of income tax for the assessment year starting April 1, 1974. It specifies surcharges applicable to different categories of income, including net agricultural income and profits from life insurance businesses. The Act details how income tax is calculated for various income brackets and types of companies, such as domestic and industrial companies. It also addresses the treatment of agricultural income in tax calculations and defines key terms like 'domestic company,' 'industrial company,' and 'net agricultural income.' Furthermore, it provides guidelines for tax deductions under specific sections of the Income-tax Act, 1961.
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