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of <h1>Union Budget 2023-24: Default Tax Rates Set for Individuals, HUFs, and More; Options u/s 115BAC Available.</h1> The Union Budget 2023-24 and Finance Bill, 2023, set default income tax rates for individuals, Hindu undivided families, associations of persons, bodies of individuals, and artificial juridical persons for FY 2023-24 (AY 2024-25). The tax rates range from nil for income up to Rs. 3,00,000 to 30% for income above Rs. 15,00,000. Alternative rates apply if options under section 115BAC are exercised. Surcharges apply for incomes exceeding Rs. 50 lakh, with rates varying from 10% to 37%, subject to specific conditions and caps. Marginal relief is available in cases of surcharge.
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