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of <h1>Finance Bill 2024 Sets New Income Tax Rates, Surcharges, and Deductions, Including 4% Health and Education Cess</h1> The Finance (No. 2) Bill, 2024, outlines the rates of income tax for the assessment year starting April 1, 2024. It specifies tax rates for various income brackets and types, including net agricultural income, and provides for surcharges based on income levels. Special provisions apply to individuals over 60, with higher thresholds for tax-free income. The Bill also details tax deduction rates at source and advance tax payments for different entities, including individuals, companies, and cooperative societies. An additional Health and Education Cess of 4% is imposed on the total tax and surcharge to fund health and education initiatives.
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