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of <h1>New Income Tax Rates for 2024: Exemptions, Surcharges, and Deductions Explained for Individuals and Entities</h1> The Finance (No. 2) Act, 2024 outlines income tax rates for various entities. Individuals under 60 years with income up to 2.5 lakh are exempt; income above this incurs tax rates from 5% to 30%. Seniors (60-80 years) have a 3 lakh exemption, and those over 80 have a 5 lakh exemption. Co-operatives, firms, local authorities, and companies have specific tax rates and surcharges based on income levels. Additional rules address agricultural income computation, tax deductions, and advance tax calculations. Surcharges vary, with higher rates for incomes exceeding 50 lakh, scaling up to 37% for certain high incomes.
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