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of <h1>Finance Bill 2020: Income Tax Rates & Optional Regimes for Individuals, HUFs, and Co-operatives u/ss 115BAC & 115BAD.</h1> The Finance Bill 2020 outlines the income tax rates for various entities for the fiscal year 2020-21. For individuals and Hindu Undivided Families (HUF), tax rates range from nil for incomes up to Rs. 2.5 lakh to 30% for incomes above Rs. 10 lakh, with different slabs for senior citizens. A surcharge applies to higher incomes. Co-operative societies, firms, local authorities, and companies have specified tax rates, with surcharges applicable on incomes exceeding certain thresholds. New tax provisions under sections 115BAC and 115BAD offer optional tax regimes for individuals, HUFs, and resident co-operative societies. An additional Health and Education Cess of 4% is imposed on all taxpayers.
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