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of <h1>New Income Tax Rates and Surcharges for 2020: Key Changes for Individuals and Seniors, Including Agricultural Income Rules</h1> For the assessment year starting April 1, 2020, income tax is levied at specified rates, increased by a surcharge. Individuals with net agricultural income over five thousand rupees and total income exceeding two lakh fifty thousand rupees must account for agricultural income in tax calculations. Special provisions apply to senior citizens, and various surcharges are applied based on income levels, ranging from ten to thirty-seven percent. Additional surcharges, such as the Health and Education Cess, are levied at four percent. Specific provisions apply to different entities and income types, with detailed rules for deductions and collections.
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