2024 Tax Rates By Income Tax Act. Surcharge, marginal relief and health & education cess. Under section 115bac, individuals, hufs, aops, bois, and artificial juridical persons are taxed at progressive rates starting from nil for incomes up to rs.

A new tax regime has been established by the insertion of section 115 bac in the income tax act, 1961 vide the finance act, 2020. Individuals and hufs can choose between.