Here are the principal individual-tax provisions of the bill approved by the Senate Finance Committee last week.

*Rates: Two rates of 15 percent and 27 percent would replace the current 15 rates ranging from 11 percent to 50 percent.

*Personal exemption: $1,900 for each taxpayer and dependent in 1987; $2,000 thereafter, indexed for inflation. It is $1,080 this year and slated to be about $1,120 next year.

*Limitations at high incomes: The value of the personal exemption would be reduced to zero on a gradual basis between the following income levels: $87,240 and $127,240 for singles, $145,320 and $185,320 for marrieds, $111,400 and $151,400 for single heads of household.

Also, upper-income taxpayers would lose the benefit of the 15 percent bracket gradually between the following income levels (above those levels, all income would be taxed at a flat rate of 27 percent): $45,000 and $87,240 for singles, $75,000 and $145,320 for marrieds, $55,000 and $111,400 for single heads of household.

*Standard deduction: $3,000 for single taxpayers, $5,000 for a married couple and $4,400 for a single head of household. The current standard deduction is lower for all three categories.

*Adjustments: The standard deduction, personal exemption, rate brackets and earned income credit would be rounded down to the nearest $50.

*State and local taxes: Sales taxes would no longer be deductible; income, real property and personal property taxes would remain fully deductible.

*Elderly and blind: The extra personal exemption for elderly or blind taxpayers would be replaced by an additional $600 increase in the standard deduction. The tax credit for low-income elderly or disabled taxpayers would be retained.

*Charitable contributions: Fully deductible for itemizers; the deduction for contributions by nonitemizers would end.

*Medical: Medical expenses could be deducted to the extent they exceeded 10 percent of adjusted gross income, rather than the current 5 percent.

*Interest: Interest on nonmortgage loans, such as for car purchases and credit-card debt, would no longer be deductible. Interest on money borrowed to make investments could be deducted only to the extent it was less than or equal to income from the investment.

*Capital gains: The exclusion of 60 percent of capital gains would be repealed, so that profits on the sale of an asset would be taxed at the same rates as ordinary income.

*Two-earner deduction: Repealed.

*Income averaging: Repealed.

*Earned income tax credit for the working poor: Details undecided, but would be more generous than current law or the House bill.

*Child care and adoption: Dependent care credit, covering 30 percent of day-care costs of up to $2,400 per child for up to two children, would be continued. Tax deduction of up to $1,500 for costs of adoption of disadvantaged children would either be continued or converted to a spending program.

*Scholarships and awards: Would remain untaxed.

*Worker benefits: Unemployment benefits, now tax-free up to certain income levels, would be taxed as income; workers' compensation and black-lung disability payments would remain untaxed.

*IRA: For workers not covered by any employer-sponsored pension plan, Individual Retirement Accounts would remain tax-deferred. Up to $2,000 per year could be deposited and deducted and the interest would be tax-free until withdrawn at retirement. For workers covered by a company plan, deposits into IRA accounts could not be deducted but no tax would be owed on the interest, until withdrawn.

Other pensions: Employes could put no more than $7,000 per year into a 401(k) plan, although employers could still add more. Employes would have to be vested in a pension plan in five years rather than 10, and more employes would be covered by company plans.

Federal workers: Federal retirees and other worker covered by similar pension plans would pay taxes on a portion of benefits immediately upon retirement, rather than receiving tax-free benefits in the first years of retirement and paying taxes on all benefits later. The provision would cover those retiring after Jan. 1, 1989, and would be phased in over two years.

*Minimum Tax: An expanded minimum tax with a rate of 20 percent would cover higher-income taxpayers.

*Compliance: Penalties would be increased for failure to submit information, file a return or pay taxes. Interest rates on delinquent payments would be increased.

*Political: The tax credit covering half of political contributions up to $50 for a single taxpayer and $100 for a joint return would be repealed. The $1 checkoff on the tax form to finance presidential campaigns would be retained.

*Tax Shelters: Paper losses from investments where the taxpayer is not a manager could not be deducted unless the taxpayer also received at least the same amount of income from such investments. The provision excepts oil and gas but includes most real estate rentals, and would be phased in over four years.

*Effective dates: Generally Jan. 1, 1987.