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of <h1>Finance Bill 2008 Sets Tax Rates, Rebates, and Surcharges; Includes Education Cess to Support Educational Programs</h1> The Finance Bill, 2008 outlines the rates of income tax for the assessment year starting April 1, 2008. It specifies that income tax is charged at rates in Part I of the First Schedule, with potential rebates and surcharges. For individuals with net agricultural income over 5,000 rupees and total income over 110,000 rupees, specific calculations apply. Different surcharge rates apply based on income levels and entity types, such as individuals, companies, and firms. Additional surcharges, including an Education Cess and Secondary and Higher Education Cess, are imposed to fund education initiatives. Definitions for terms like 'domestic company' and 'net agricultural income' are provided.
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