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of <h1>New Income Tax Rates for 2024-25: Key Changes for Individuals and Entities, Surcharges, and Section 115BAC Options.</h1> The Union Budget 2024-25 outlines new income tax rates effective from the assessment year 2025-26 for individuals, Hindu undivided families, associations of persons, bodies of individuals, and artificial juridical persons. The tax rates range from nil for incomes up to Rs. 3,00,000 to 30% for incomes above Rs. 15,00,000. Alternative tax rates apply if an option under section 115BAC is exercised. Surcharges are imposed on incomes exceeding Rs. 50 lakh, with rates varying from 10% to 37%. Marginal relief is provided for surcharges, and specific provisions apply for senior citizens and high-income individuals.
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