Rates Of Income Tax
Individuals & HUF’s
|
AY 2023-24
Upto Rs. 250000 Nil 250001 to 500000 5% 500001 to 1000000 20% Above 1000000 30%
Surcharge : 10% of tax when income exceeds Rs. 50 Lakh 15% of tax when income exceeds Rs. 1 Crore 25% of tax when income exceeds Rs. 2 Crore 37% of tax when income exceeds Rs. 5 Crore
Health & Education Cess @ 4% (on tax + Surcharge)
For Senior citizens :(60 Years or more but not more than 80 years) No Tax up to Rs. 300000/- ( above rates applicable thereafter )
No different limit for Females
For Super Senior citizens :(80 years or more) Up to Rs. 500000 Nil 500001 to 1000000 20% Above Rs.1000000 30%
Rebate of Rs.12500/- to Resident individual having Total income up to Rs. 5 Lakhs. (Section 87A)
|
AY 2024-25
Upto Rs. 250000 Nil 250001 to 500000 5% 500001 to 1000000 20% Above 1000000 30%
Surcharge : 10% of tax when income exceeds Rs. 50 Lakh 15% of tax when income exceeds Rs. 1 Crore 25% of tax when income exceeds Rs. 2 Crore 37% of tax when income exceeds Rs. 5 Crore
Health & Education Cess @4% ( on tax + Surcharge)
For Senior citizens :(60 Years or more but not more than 80 years) No Tax upto Rs. 300000/- ( above rates applicable thereafter )
No different limit for Females
For Super Senior citizens :(80 years or more) Upto Rs. 500000 Nil 500001 to 1000000 20% Above Rs.1000000 30%
Rebate of Rs.12500/- to Resident individual having Total income upto Rs.5 Lakhs. (Section 87A)
|
Alternative scheme of taxation for individual, HUF, AOP, BOI and AJP ( New Section 115 BAC from AY 2024-25 onwards):
This new scheme is optional in nature and provides comparatively lower rates of taxes vis- à -vis the existing rates of taxes for individual and HUF.
The relevant rates of tax along with applicable income slabs are provided as under:
|
Income Slabs |
Tax rates |
|
Upto 3,00,000 |
Nil |
|
From 3,00,001 to 6,00,000 |
5% |
|
From 6,00,001 to 9,00,000 |
10% |
|
From 9,00,001 to 12,00,000 |
15% |
|
From 12,00,001 to 15,00,000 |
20% |
|
Above 15,00,000 |
30% |
For availing the lower tax rate in the new regime given above, the following conditions to be followed:
- No setoff of losses
- Loss under the head ‘Income from house Property’ not allowable
- Deduction under Chapter VI-A not available [except sections 80CCD(2), 80CCH(2), 80JJAA and 80LA(1A) ]
- If there is Business Income- If this scheme is opted it can be withdrawn only once and once withdrawn, this scheme cannot be opted again
- Standard Deduction Rs. 50000 on Salary will be allowable
- Rebate u/s 87A Rs. 25000 to Individual Havng Total Income upto Rs.700000
- Maximum Surcharge Rate 25% is applicable
- AMT is not applicable in New Tax Regime 115BAC
- Family Pensioners can now Claim as Standard Deduction of Rs.15000 under New TAx Regime 115BAC.
Firms
|
|
AY 2023-24 |
AY 2024-25 |
|
- If Net Income Exceeds Rs. 1 Crore ( Surcharge 12%)
- If Net Income does not Exceeds Rs. 1 Crore |
30+3.6+1.34 = 34.94%
30+1.2 = 31.20% |
30+3.6+1.34 = 34.94%
30+1.2 = 31.20% |
LLP & Companies (Domestic)
|
|
AY 2023-24 |
AY 2024-25 |
|
a. Tax rate on Total income -cases other than mentioned below in (b)
b. (i) If Total turnover or Gross receipt of company in financial year 2020-21 does not exceeds Rs. 400 Crores.
(ii) If Total turnover or Gross receipt of company in financial year 2021-22 does not exceeds Rs. 400 Crores. |
30%
25%
- |
30%
-
25% |
|
On (a) and (b) above following Surcharge and Cess Applicable : Surcharge: - If Total Income Exceeds Rs. 1 Crore
- If Total Income Exceeds Rs. 10 Crores Cess: - 4% on Income Tax and Surcharge |
7% of tax
12% of tax
4% |
7% of tax
12% of tax
4% |
|
c. Minimum Alternate Tax ( MAT ) |
|
|
|
- If Book Profit upto Rs. 1 Crore
- If Book Profit exceeds Rs.1 Crore but up to Rs.10 Crore
- If Book Profit exceeds Rs. 10 Crore |
15+0.60 = 15.60%
15+1.05+0.642 = 16.692%
15+1.80+0.672 = 17.472% |
15+0.60 = 15.60%
15+1.05+0.642 = 16.692%
15+1.80+0.672 = 17.472% |