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of <h1>Finance Act 2004 Sets Tax Rates, Surcharges, and Rebates; Introduces 2% Education Cess for Basic Education Support</h1> The Finance (No. 2) Act, 2004, outlines the rates of income tax applicable for the assessment year starting April 1, 2004. It specifies tax rates, surcharges, and rebates applicable under various sections of the Income-tax Act, 1961. Tax is calculated based on total and net agricultural income, with additional surcharges for individuals, companies, and other entities. Specific provisions apply for deductions and collections under various sections, with surcharges varying by taxpayer type. An additional 'Education Cess' of 2% is levied to support basic education. Definitions for terms like 'domestic company' and 'net agricultural income' are provided.
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