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of <h1>Finance Bill 2009: Income Tax Rates and Exemptions for Individuals, Women, and Seniors; Education Cess and Surcharge Details</h1> The Finance (No. 2) Bill, 2009, outlines the income tax rates for the assessment year starting April 1, 2009. Income tax is levied based on specified rates, with surcharges applied where applicable. For individuals, the tax exemption limit varies: 1,60,000 for general individuals, 1,90,000 for women below 65, and 2,40,000 for seniors 65 and above. Tax rates range from 10% to 30% depending on income brackets. No surcharge applies to individuals, co-operative societies, firms, or local authorities, but companies face a surcharge. An education cess of 2% and a secondary and higher education cess of 1% are levied.
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