Rates Of Income Tax
Rates Of Income Tax
ASSESSMENT YEAR : 2024 -25
PREVIOUS YEAR : 2023 – 24
For resident Senior Citizens. (Age above 60 Years)
| Old Tax Slab | Rate | New Tax Slab ( Sec 115BAC) | Rate |
|---|---|---|---|
| Upto Rs 3,00,000 | NIL | Upto Rs 3,00,000 | NIL |
| Rs 3,00,001 - Rs 5,00,000 | 5% | Rs 3,00,001 - Rs 6,00,000 | 5% |
| Rs 5,00,001 - Rs 10,00,000 | 20% | Rs 6,00,001 - Rs 9,00,000 | 10% |
| Above Rs 10,00,000 | 30% | Rs 9,00,001 - Rs 12,00,000 | 15% |
| Rs 12,00,001 - Rs 15,00,000 | 20% | ||
| Above Rs 15,00,000 | 30% |
For resident Super Senior Citizens. (Age above 80 Years)
| Old Tax Slab | Rate | New Tax Slab ( Sec 115BAC) | Rate |
|---|---|---|---|
| Upto Rs 5,00,000 | NIL | Upto Rs 3,00,000 | NIL |
| Rs 5,00,001 - Rs 10,00,000 | 20% | Rs 3,00,001 - Rs 6,00,000 | 5% |
| Above Rs 10,00,000 | 30% | Rs 6,00,001 - Rs 9,00,000 | 10% |
| Rs 9,00,001 - Rs 12,00,000 | 15% | ||
| Rs 12,00,001 - Rs 15,00,000 | 20% | ||
| Above Rs 15,00,000 | 30% |
Individuals,HUF, AOP, BOI, AJP [other than those mentioned above]
| Old Tax Slab | Rate | New Tax Slab ( Sec 115BAC) | Rate |
|---|---|---|---|
| Upto Rs 2,50,000 | NIL | Upto Rs 3,00,000 | NIL |
| Rs 2,50,001 - Rs 5,00,000 | 5% | Rs 3,00,001 - Rs 6,00,000 | 5% |
| Rs 5,00,001 - Rs 10,00,000 | 20% | Rs 6,00,001 - Rs 9,00,000 | 10% |
| Above Rs 10,00,000 | 30% | Rs 9,00,001 - Rs 12,00,000 | 15% |
| Rs 12,00,001 - Rs 15,00,000 | 20% | ||
| Above Rs 15,00,000 | 30% |
Note: Rebate u/s 87A, in which resident individuals are allowed rebate
Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed 2 crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed 5 crore rupees
37% for Individual having taxable Income exceeding 5 Crore (Not applicable for new tax regime)
Health and Education Cess: 4% on the amount of Tax plus surcharge
Companies
(A) Domestic Companies
Income tax :
If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2018-19) – 25%
If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) – 22%
If opted for Section 115BAB (for new manufacturing companies) -15%
Where its total turnover or gross receipt during the previous year 2021-22 does not exceed Rs. 400 crore- 25%
Any other domestic company -30%
MAT: 15%
Surcharge:
7% if the taxable income is between Rs.1 crore and Rs.10 Crore & 12% if the taxable income exceeds Rs.10 crores
The surcharge shall be subject to marginal relief.
The rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be flat 10% irrespective of amount of total income.
Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax :
40% (in general)
50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge :
2% if the taxable income is between Rs.1 crore and Rs.10 Crore & 5% if the taxable income exceeds Rs.10 crores
Health and Education Cess: 4% on the amount of Tax plus surcharge
Firms & LLP
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge.
Cooperative Socities (Under New Regime) -Section 115BAC
(A) Normal Rates:
Up to Rs.10,000- 10%
Rs. 10,000 to Rs. 20,000- 20%
Above Rs. 20,000- 30%
Surcharge : 7% if the taxable income is between Rs.1 crore and Rs.10 Crore & 12% if the taxable income exceeds Rs.10 crores.
Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Special tax rates applicable to a Co-operative societies: 22%
(C) Alternate Minimum Tax (AMT) on Co-operative Society: 15%
(D) Concessional tax 15% to promote new manufacturing cooperative society: 15%
ASSESSMENT YEAR : 2023 -24
PREVIOUS YEAR : 2022 – 23
For resident Senior Citizens. (Age above 60 Years)
| Old Tax Slab | Rate | New Tax Slab ( Sec 115BAC) | Rate |
|---|---|---|---|
| Upto Rs 3,00,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 3,00,001 - Rs 5,00,000 | 5% | Rs 2,50,001 - Rs 5,00,000 | 5% |
| Rs 5,00,001 - Rs 10,00,000 | 20% | Rs 5,00,001 - Rs 7,50,000 | 10% |
| Rs 7,50,001 - Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 - Rs 12,50,000 | 20% |
| Rs 12,50,001 - Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% |
For resident Super Senior Citizens. (Age above 80 Years)
| Old Tax Slab | Rate | New Tax Slab ( Sec 115BAC) | Rate |
|---|---|---|---|
| Upto Rs 3,00,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 3,00,001 - Rs 5,00,000 | 5% | Rs 2,50,001 - Rs 5,00,000 | 5% |
| Rs 5,00,001 - Rs 10,00,000 | 20% | Rs 5,00,001 - Rs 7,50,000 | 10% |
| Rs 7,50,001 - Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 - Rs 12,50,000 | 20% |
| Rs 12,50,001 - Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% |
Individuals, other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
| Old Tax Slab | Rate | New Tax Slab ( Sec 115BAC) | Rate |
|---|---|---|---|
| Upto Rs 2,50,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 2,50,001 - Rs 5,00,000 | 5% | Rs 2,50,001 - Rs 5,00,000 | 5% |
| Rs 5,00,001 - Rs 10,00,000 | 20% | Rs 5,00,001 - Rs 7,50,000 | 10% |
| Rs 7,50,001 - Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 - Rs 12,50,000 | 20% |
| Rs 12,50,001 - Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% |
Note: Rebate u/s 87A, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.
Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed two crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed five crore rupees
37% for Individual having taxable Income exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge
Firms
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge.
Companies
(A) Domestic Companies
Income tax :
If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2018-19) – 25%
If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) – 22%
If opted for Section 115BAB (for new manufacturing companies) -15%
Any other domestic company -30%
MAT- 15%
Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores
However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.
Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax :
40% (in general )
50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge :
2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and Education Cess: 4% on the amount of Tax plus surcharge
Cooperative Socities (Under Old Regime)
| Upto Rs. 10,000 | 10% |
|---|---|
| Rs. 10,001 to Rs. 20,000 | 20% |
| Rs. 20,001 to Above | 30% |
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge
Cooperative Socities (Under New Regime) -Section 115BAC
Income tax : Flat rate of 22%
Surcharge : 10% of the Income Tax
Health and Education Cess: 4% on the amount of Tax plus surcharge
Local Authorities
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and Education Cess: 4% on the amount of Tax plus surcharge