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of <h1>Income Tax Rates and Thresholds Set for Individuals, Seniors, and Companies in Finance Bill 2019</h1> The Finance (No. 2) Bill, 2019 outlines income tax rates for various entities. Individuals under 60 years have a tax-free income up to 2,50,000, with increasing rates up to 30% for incomes above 10,00,000. Seniors aged 60-79 have a threshold of 3,00,000, while those 80 and above have it at 5,00,000. Co-operative societies, firms, and local authorities face a 30% tax rate, with surcharges for incomes over 1 crore. Domestic companies pay 25-30% based on turnover, while other companies face 40-50% rates. Tax deduction at source varies by income type and residency, with specific rules for agricultural income computation.
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