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of <h1>Finance Act 2007: Tax Rates, Rebates, and Surcharges for Income and Agricultural Income Explained</h1> The Finance Act, 2007 outlines the rates of income tax for the assessment year starting April 1, 2007. It specifies that income tax is charged at rates detailed in the First Schedule, subject to rebates and surcharges. For individuals with net agricultural income over five thousand rupees and total income exceeding one lakh rupees, special provisions apply. Surcharges are imposed on various entities based on income thresholds, with additional surcharges for education and secondary education. The Act defines terms like 'domestic company' and 'net agricultural income' and prescribes specific tax treatments under various sections of the Income-tax Act, 1961.
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