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of <h1>Finance Bill 2022: Income Tax Rates and Surcharges for Individuals, Senior Citizens, Firms, and Companies Explained</h1> The Finance Bill, 2022 outlines income tax rates for various entities. Individuals under 60 with income up to 2.5 lakh are exempt, while those earning above are taxed progressively up to 30% for income over 10 lakh. Senior citizens have higher exemption limits. Surcharges apply for incomes exceeding 50 lakh. Co-operative societies have a tax rate starting at 10% for income up to 10,000, with surcharges for income over 1 crore. Firms and local authorities are taxed at 30%, with a 12% surcharge for income over 1 crore. Domestic companies are taxed at 25-30% based on turnover, while non-domestic companies face different rates. Agricultural income is computed with specific rules, allowing for loss set-offs and deductions.
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