Assessment year : 2023 - 24
Previous year : 2022 - 23
|
| 1.1. Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year: |
| Up to Rs 2,50,000 |
Nil |
| Rs. 2,50,001 to Rs. 5,00,000 |
5% |
| Rs. 5,00,001 to Rs. 10,00,000 |
20% |
| Above Rs. 10,00,000 |
30% |
|
| 1.2. For resident Senior Citizens. (Age above 60 Years) |
| Up to Rs 3,00,000 |
Nil |
| Rs. 3,00,001 to Rs. 5,00,000 |
5% |
| Rs. 5,00,001 to Rs. 10,00,000 |
20% |
| Above Rs. 10,00,000 |
30% |
|
| 1.3. For Resident Super Senior Citizens. (Age above 80 Years) |
| Up to Rs 5,00,000 |
Nil |
| Rs. 5,00,001 to Rs. 10,00,000 |
20% |
| Above Rs. 10,00,000 |
30% |
|
Surcharge :
10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.
37% of income tax where total income exceeds Rs. 10,00,00,000.
Health and Education cess: -
4% of income tax and surcharge.
Note: -
A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate
under section 87A. It is deductible from income-tax before calculating education cess. The
amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less.
|
| 2. Non-resident individual/HUF |
| Up to Rs 2,50,000 |
Nil |
| Rs. 2,50,001 to Rs. 5,00,000 |
5% |
| Rs. 5,00,001 to Rs. 10,00,000 |
Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)
|
| Above Rs. 10,00,000 |
Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)
|
|
Surcharge :
10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.
Health and Education cess: -
4% of income tax and surcharge.
W.e.f. Assessment Year 2023-24, the rate of AMT shall be 15% instead of existing rate of
18.5% in case of a co-operative society.
|
| 3. Special tax Rate for Individual and HUFs. |
|
The Finance Act, 2020, has provided an option to Individuals and HUF for payment oftaxes
at the following reduced rates from Assessment Year 2021-22 and onwards:
|
| Up to Rs 2,50,000 |
Nil |
| Rs. 2,50,001 to Rs. 5,00,000 |
5% |
| Rs. 5,00,001 to Rs. 7,50,000 |
10% |
| Rs. 7,50,001 to Rs. 10,00,000 |
15% |
| Rs. 10,00,001 to Rs. 12,50,000 |
20% |
| Rs. 12,50,001 to Rs. 15,00,000 |
25% |
| Above Rs. 15,00,000 |
30% |
|
Surcharge :
10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.
Health and Education cess: -
4% of income tax and surcharge.
|
| 4. Income Tax Rate for Partnership Firm: |
A partnership firm (including LLP) is taxable at 30%.
Surcharge :
12% of tax where total income exceeds Rs. 1 crore.
Health and Education cess: -
4% of income tax plus surcharge.
|
| 5. Tax Rate for Companies: |
5.1. Tax rates for domestic companies:
|
| Company opting for section 115BA |
25% |
| Company having turnover or gross receipt of up to Rs. 400 crore in the previous year 2020-21 |
25% |
| Company opting for section 115BAA |
22% |
| Company opting for section 115BAB |
15% |
| Any other company |
30% |
| MAT |
15% |
|
a. Surcharge: –
|
| Company |
Rs. 1 crore or less |
Above Rs. 1 crore but up to Rs. 10 crore |
Above Rs. 10 crore |
| Domestic Company opting for section 115BA |
Nil |
7% |
12% |
| Domestic Company opting for section 115BAA |
10% |
10% |
10% |
| Domestic Company opting for section 115BAB |
10% |
10% |
10% |
| Any other domestic company |
Nil |
7% |
12% |
|
Health and Education cess:
4% of income tax plus surcharge.
|
5.2. Tax rates for foreign companies:
A foreign company is liable to pay tax at the flat rate of 40% of normal taxable income..
Surcharge:
|
Health and Education cess:
4% of income tax plus surcharge.
|
| Income Tax Slab Rate for Co-operative Society: |
6.1. A co-operative society is liable to pay tax as per the following rates:
|
| Income range |
Income-Tax rate |
| Up to Rs. 10,000 |
10% |
| Rs. 10,000 to Rs. 20,000 |
20% |
| Above Rs. 20,000 |
30% |
|
Surcharge :
12% of tax where total income exceeds Rs. 1 crore.
Health and Education cess: -
4% of income tax plus surcharge.
|
6.2 AMT
A co-op. society is liable to pay Alternative Minimum Tax, on total income computed as per normal provisions of the Act, is less than 18.5% of ‘adjusted total income’.
Surcharge :
12% of tax where total income exceeds Rs. 1 crore.
Health and Education cess: -
4% of income tax plus surcharge.
|
6.3 Income tax applicable to Co-operative Society under new optional tax regime (Section 115BAD)
If a co-operative society opts for this regime, the income shall be taxable at the rate of 22%.
Surcharge :
Surcharge shall be levied at a flat rate of 10% of the income tax, irrespective of the income of such society.
Health and Education cess: -
4% of income tax plus surcharge.
|
| 7. Income Tax Slab Rate for Local Authority: |
A local authority is taxable at 30%.
Surcharge :
12% of tax where total income exceeds Rs. 1 crore.
Health and Education cess: -
4% of income tax plus surcharge.
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