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of <h1>Union Budget 2024-25: Income Tax Rates Unchanged; Details for Individuals, Companies, and Societies in Sections 115BAA, 115BAB, 115BAC.</h1> The Union Budget 2024-25 maintains existing income tax rates for various assessees, including individuals, Hindu undivided families, and companies, as specified in sections like 115BAA, 115BAB, and 115BAC. For individuals under section 115BAC, the tax rates are tiered from nil for incomes up to Rs. 3,00,000 to 30% for incomes above Rs. 15,00,000. Surcharges apply for incomes exceeding Rs. 50 lakh, with marginal relief provided. Co-operative societies, firms, and local authorities face unchanged rates at 30%, while domestic companies are taxed at 25% or 30% based on turnover. A 4% Health and Education Cess is levied on the computed tax.
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