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of <h1>Finance Bill 2021: Income Tax Rates Maintained; Optional Rates for Individuals, HUFs, Co-ops u/ss 115BAC, 115BAD.</h1> The Finance Bill 2021 outlines income tax rates for the assessment year 2021-22, maintaining existing rates specified in sections 115BAA, 115BAB, 115BAC, and 115BAD. Individual and HUF taxpayers can opt for rates under section 115BAC, ranging from 5% to 30% based on income brackets. Co-operative societies can choose a 22% rate under section 115BAD. Standard rates for individuals, HUFs, and other entities remain unchanged, with varying rates for different income levels and age groups. Surcharges apply to high-income earners, with rates up to 37%. An additional 4% Health and Education Cess is imposed on the total tax liability.
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