Income Tax Slab Rate & Surcharge for AY 2023-24

1. Individuals, HUF, AOP/BOI & AJP and Non-Resident Individuals 

Net Income Range	Rates
Up to 2,50,0002,50,001 – 5,00,0005,00,001 – 10,00,000Above 10,00,001	Nil5%20%30%

SENIOR CITIZEN (60Yrs <= Age < 80Yrs) Resident

Net Income Range	Rates
Up to 3,00,0003,00,001 – 5,00,0005,00,001 – 10,00,000Above 10,00,001	Nil5%20%30%

     SUPER SENIOR CITIZEN (80 Yrs or more) – Resident

Net Income Range	Rates
Up to 5,00,0005,00,001 – 10,00,000Above 10,00,001	Nil20%30%

Total Income of Individuals/HUF/AOP/BOI/AJP	Surcharge Rates
Rs. 50 Lakhs – Rs. 1 Crore	10% of Income Tax
Rs. 1 Crore – Rs. 2 Crores	15% of Income Tax
Rs. 2 Crores – Rs. 5 Crores	25% of Income Tax
Rs. 5 crores or more	37% of Income Tax

Other points:

• 25%, 37% Surcharge rates are not applicable to Capital gain U/S 111A & 112A, Dividend Income.
• The above Surcharge rates are also applicable to Assessee’s who opts concessional rates U/S 115BAC (new tax regime)

2.  PARTNERSHIP FIRMS/LLP :Tax rate of 30%

SURCHARGE: The amount of income-tax shall be increased by a surcharge at the rate of  12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief.

3. CO – OPERATIVE SOCIETIES

Net Income Range	Rates
Up to 10,00010,001 – 20,000Above 20,000	10%20%30%

SURCHARGE: 

• The amount of income-tax shall be increased by a surcharge at the rate of   12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief.
• In case Co – Operative Societies opts concessional rates u/s 115BAD– Applicable surcharge rate is 10%.

4. DOMESTIC COMPANY

Particulars	Rates
Total turnover or gross receipts during the previous year 2017-18 does not exceed Rs. 400 crores	25%
Opted for Section 115BA	25%
Opted for Section 115BAA	22%
Opted for Section 115BAB	15%
Any other domestic company	30%

           SURCHARGE:

1 Crore – 10 Crore	More than 10 Crore
7%	12%

In case Domestic Companies opts concessional rates u/s 115BAB/ 115BAA – Applicable surcharge rate is 10%.

5. FOREIGN COMPANY

Nature of Income	Tax Rate
Royalty received from Government or an Indian concern or fees for rendering technical services where such agreement has been approved by the Central Government	50%
Any other income	40%

           SURCHARGE:

1 Crore – 10 Crore	More than 10 Crore
2%	5%

6. LOCAL AUTHORITY: A local authority is taxable at 30%

SURCHARGE: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief.

7. Special Tax Rates

	Particulars	Rates
a).	Sec. 112 A (LTCG – In excess of 1,00,000)	10%
b).	Sec. 112 (LTCG)	20%
c).	Sec. 111A (STCG)	15%
d).	Sec. 115BB (Lottery)	30%
e).	Sec. 115BBE (Deemed Income)	78% (Flat Rate 60% + Surcharge @ 25% + Education Cess @ 4%)

8. CESS & REBATE:

Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

Rebate u/s 87a: 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.