<h1>Income-tax rates, surcharge and procedural reforms updated including block assessment rules and Vivad Se Vishwas scheme.</h1> The Act prescribes income tax rates and graduated surcharges for assessment year 2024 25, adds a 4% Health and Education Cess, revises capital gains tax and withholding rates with date specific rates, inserts a cruise ship profit provision (section 44BBC), reduces multiple TDS/TCS rates, incorporates IFSC regulatory references, and replaces sections 148/148A with a pre notice show cause procedure. It creates a new Chapter XIV B for block assessments following search or requisition, sets computation, filing, timeline, interest and penalty rules, and establishes the Direct Tax Vivad Se Vishwas Scheme, 2024 with specified settlement percentages.