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    <description>Amendments prescribe revised income tax slabs for individuals by age, tax rates for co operatives, firms, local authorities and companies, and a reworked surcharge regime applying specified surcharge rates and caps across taxpayer classes. The amendments mandate that computed income tax plus surcharge be further increased by a Health and Education Cess. Rules for carrying forward and set off of agricultural losses across specified earlier years are updated, and losses not determined by an assessing officer under listed First Schedule rules are excluded from set off.</description>
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