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of <h1>Finance Bill FY 2021-22: Income Tax Rates Unchanged; Surcharges Apply for High Incomes; Domestic Companies Taxed at 25%.</h1> The Finance Bill for FY 2021-22 outlines the income tax rates for various entities, including individuals, Hindu Undivided Families (HUFs), co-operative societies, firms, local authorities, and companies. The tax rates remain unchanged from the previous year. For individuals, tax rates vary based on income brackets, with no tax for incomes up to Rs. 2.5 lakh and a maximum of 30% for incomes above Rs. 10 lakh. Surcharges apply for higher incomes, with rates ranging from 10% to 37% based on income levels. Companies have specific tax rates, with domestic companies subject to 25% tax if turnover is below Rs. 400 crore. Additional surcharges and a 4% Health and Education Cess apply.
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