Finance Act 2018 Details Income Tax Rates, Surcharges for Individuals and Entities; Includes Provisions for Senior Citizens and Agricultural Income.

The Finance Act, 2018 outlines various income tax rates and surcharges applicable to individuals, Hindu undivided families, associations, artificial juridical persons, co-operative societies, firms, local authorities, and companies. Tax rates vary based on income brackets and age, with specific provisions for senior citizens. Surcharges apply to incomes exceeding certain thresholds, with different rates for domestic and non-domestic entities. The Act also specifies tax deduction rates at source for various types of income and provides rules for computing net agricultural income, including provisions for setting off losses and assessing agricultural income.

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