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)
  1.  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.

  1. 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%.
  1. 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%.

  1. 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%
  1. 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.

  1. 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%)
  1. 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.

Author

Sai Mohini

How PKC can help you

Your dream business is just a click away. Book a FREE 30 mins consulting.

Call us : +91 9176100095

Fill out your details

    Want to Talk? Get a Call Back Today!
    +91 9176100095
    phone