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of <h1>Finance Bill 2008 Sets Progressive Tax Rates for Individuals, Specific Rates for Entities, and TDS Guidelines.</h1> The Finance Bill, 2008 outlines income tax rates for various entities. Individuals are taxed progressively based on income brackets, with different rates for women and senior residents. Co-operative societies, firms, local authorities, and companies have specific tax rates, with surcharges applicable for incomes exceeding certain thresholds. The bill also details tax deduction at source rates for various income types, including interest, royalties, and winnings. Rules for computing agricultural income are provided, specifying how different types of agricultural income should be treated for tax purposes. Additionally, provisions for setting off agricultural losses against income are included.
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