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<h1>Finance Act, 1974: Income Tax Rates, Surcharges, and Agricultural Income Calculations Explained for Various Entities</h1> The Finance Act, 1974, outlines income tax rates and surcharges for various entities, including individuals, Hindu undivided families, firms, co-operative societies, local authorities, and companies. Tax rates vary based on income brackets, with surcharges applied to computed taxes. Specific rules are provided for calculating net agricultural income, applying sections of the Income-tax Act to determine taxable income from agricultural sources. The Act also specifies tax deduction rates at the source for different income types. Additionally, it details procedures for setting off losses and computing agricultural income, granting powers to Income-tax Officers for assessment purposes.