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of <h1>Income Tax Rates Set by Finance Act 2002: Key Details for Individuals, Companies, and Co-operatives with Surcharge Info</h1> The Finance Act, 2002 outlines various income tax rates applicable to different entities. For individuals, Hindu undivided families, and certain associations, income up to Rs. 50,000 is tax-free, with increasing rates for higher income brackets. Co-operative societies are taxed at 10% for income up to Rs. 10,000, with higher rates for greater income. Firms and domestic companies are taxed at 35%, while local authorities face a 30% tax rate. Non-domestic companies have variable rates based on income type. A surcharge of 2% applies generally, with specific provisions for agricultural income computation, including rules for setting off losses and tax deductions at source.
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