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of <h1>Union Budget 2025-26: New Tax Rates for Individuals and Entities; Alternative Regime Under Section 115BAC Introduced</h1> The Union Budget 2025-26 introduces new tax rates for individuals, Hindu Undivided Families (HUF), associations of persons, bodies of individuals, and artificial juridical persons. For the assessment year 2026-27, income up to Rs. 4,00,000 is tax-free, with progressive rates from 5% to 30% for higher income brackets. An alternative tax regime under section 115BAC offers different rates, with income up to Rs. 2,50,000 tax-free and higher rates for subsequent brackets. Surcharges apply to incomes exceeding Rs. 50 lakh, with rates ranging from 10% to 37%, subject to specific conditions and marginal relief provisions.
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