Circular No.528 – Income Tax In respect of incomes of all categories of taxpayers (corporate as well as non-corporate) liable to tax for the assessment year 1988-89, the rates of income-tax have been specified in Part I of the First Schedule to the Finance Act, 1988. These rates are the same as those laid down in Part III of the First Schedule to the Finance Act, 1987, as amended by the Finance (Amendment) Act, 1987
