Income-tax rates and surcharges defined, with TDS rates and rules for computing and setting off agricultural income clarified.

Prescribes class-specific income-tax rates and surcharge rules for individuals, co-operative societies, firms, local authorities and companies; specifies TDS rates for residents and non-residents across income heads such as interest, winnings, royalties and fees for technical services; and provides rules for charging, deducting and computing advance tax where specified provisions apply. Rules for computation of net agricultural income treat specified agricultural receipts as chargeable under other income heads, fix proportions for certain agricultural products, regulate set-off and carry-forward of agricultural losses, and apply assessment procedures and Assessing Officer powers to agricultural income computation.

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