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of <h1>Finance Bill 2020 Maintains Previous Income Tax Rates; Surcharges Up to 37% Applied Based on Income Brackets.</h1> The Finance Bill 2020 outlines the income tax rates for the assessment year 2020-21, maintaining the rates specified in the Finance (No 2) Act, 2019. It includes surcharges on income tax for various entities based on income brackets. Individuals and entities with incomes exceeding specific thresholds are subject to surcharges ranging from 10% to 37%. Domestic companies under sections 115BAA or 115BAB face a 10% surcharge, while other companies face surcharges up to 12%. A 4% Health and Education Cess applies to all, with marginal relief offered for surcharges but not for the cess.
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