Income Tax Slab FY 2023-24 and AY 2024-25.

Income Tax Slab FY 2023-24 and AY 2024-25 ?

What is Income Tax Slab and rate ?

The tax slabs are structured in progressive manner, While the total income increases, the applicable tax rate also increases. Income tax calculate based on the income slab and tax. The income tax slab is a threshold limit of income. Higher income generated then more tax will have to pay.

Income tax is levied on the total income earned by individuals, Hindu Undivided Families (HUFs), Association of Persons (AOP)/ Body of Individuals (BOI)/ Artificial Juridical Person other entities based on predefined income tax slabs.

Tax rate applicable for  FY 2023-24 and AY 2024-25 .

A. Applicable for resident individual who is of the age of 60 years. (Other than senior and super senior citizen)

Sl NoParticularsTax Rate
1Total income up to Rs. 2,50,000Nil
2From Rs. 2,50,0000 to 5,00,000.5 %
3From Rs. 5,00,000. to 10,00,000.20 %
4Above 10,00,000.30%


B. Applicable for resident individual who is of the age of 60 years or more but less than 80 years.(Senior Citizen )

Sl NoParticularsTax Rate
1Total income up to Rs. 3,00,000Nil
2From Rs. 3,00,000 to 5,00,000.5 %
3From Rs. 5,00,000. to 10,00,000.20 %
4Above 10,00,000.30%


C. Applicable for resident individual who is of the age more than 80 years or more ( Super Senior Citizen )

Sl NoParticularsTax Rate
1Total income up to Rs. 5,00,000Nil
2From Rs. 5,00,000 to 10,00,000.20 %
4Above 10,00,000.30%
Surcharge :

Sl NoIncome Rate
1Rs. 50 L to 1 Cr.10 %
2Rs 1 Cr. to 2 Cr.15 %
3Rs. 2 Cr. to 5 Cr.25 %
4Above 5 Cr.37 %
Note : Increases Surcharged 25 % & 37 % in case not levied income chargeable under sec. 111A, 112, 112A and Dividend Income.

Tax rate applicable for  FY 2023-24 and AY 2024-25 New Tax Regime

Applicable for resident individual who is of the age of 60 years . Individual/ Hindu Undivided Family (HUF)/ Association of Persons (AOP)/ Body of Individuals (BOI)/ Artificial Juridical Person.

Sl NoParticularsTax Rate
1Total Income Up to Rs. 3,00,000Nil
2Total Income Rs. 300,000 not exceed Rs.6,00,0005% Income exceed Rs 3,00,000
3Total Income Rs. 6,00,000 not exceed Rs. 900,000 Rs.15,000 + 10% Income exceed Rs 6,00,000
4Total Income Rs. 9,00,000 not exceed Rs. 12,00,000 Rs. 45,000 + 15% Income exceed Rs 9,00,000
5Total Income Rs. 12,00,000 not exceed Rs. 1500,000Rs. 90,000 + 20% Income exceed Rs 12,00,000
6Total Income Above Rs. 15,00,000Rs.150,000 + 30% Income exceed Rs 15,00,000

Rebate: U/S87A Rs. 25,000.

Higer Surcharge Rate: 25%

What is tax rate of Firm/LLP ?

The tax rate of firm/LLP is whole of total income – 30 %

What is tax rate of Local Authority ?

The tax rate of Local Authority on whole of total income — 30 %

What is tax rate of Co-operative society ?

Sl NoIncomeTax Rate
1Total income does not exceed  Rs.10,00010% of Total income
2Total income exceeds Rs.10,000 but does not exceed 20,000.1,000 + 20% of Total income exceeds
Rs.10,000
3Total income exceeds Rs.20,0003,000 + 30% of  Total income exceeds
Rs.20,000.

Note :

  • Co-operative society, resident in India, can opt for concessional rate of tax @25.168% (i.e., tax@22% plus surcharge@10% plus health and education cess @4%)
  • Under Section 115BAD in respect of its total income computed without giving effect to deduction under section 10AA, 33AB, 33ABA, 35(1)(ii)/(iia)/(iii), 35(2AA), 35AD, 35CCC.
  • Additional depreciation under section 32(1)(iia)
  • Deductions Under Chapter VI- A (other than section 80JJAA) etc. and set off of loss and depreciation brought forward from earlier years relating to the above deductions.
  • The provisions of alternate minimum tax under section 115JC would not be applicable to co-operative society opting for section 115BAD.

What is Tax rate for Domestic Company ?

For Domestic Company (Company Incorporated within India and as per Indian company Act. 2013 and any other previous law company law)

Sl No ParticularsOld Tax RateNew Tax regime
1Company opts for section 115BAB
(not covered in section 115BA and 115BAA) & is registered on/after October 1, 2019 and has started manufacturing on/before 31st March 2023
15 %
2Company opts for Section 115BAA ,
Where the total income of a company has been calculated without claiming specified deductions, exemptions, incentives, and additional depreciation
22 %
3Company opts for section 115BA
Registered on/after March 1, 2016, and is in the manufacture of any article or thing and does not claim a deduction as specified in the section
25 %
4Total turnover or gross receipt in the P.Y.2020-21 ≤` 400 crore25 % 25 %
5Any other case30 % 30 %
Note:

Surcharge :

Sl NoIncomeTax Rate
1From 1 Cr. to 10 Cr.7 %
2Above 10 Cr.12 %
3In case of Domestic Company Opting for Taxability 115BAA and 115BAB10 % Flat
Health & Education Cess: 4%

Exempted from MAT : Those companies opting for special tax regime under section 115BAA & 115BAB is exempted from provision of MAT.

Domestic Company Exercising New Tax Regime option u/s 115BAC Tax Rate ?

Tax rate for domestic company exercising u/s 115BAC — 22 % Total Income.

Domestic company can opt for section 115BAA or section 115BAB, as the case may be, subject to certain conditions. The total income of such companies would be computed without giving effect to deductions under section 10AA, 33AB, 33ABA, 35(1)(ii)/(iia)/(iii), 35(2AA), 35(2AB), 35AD,

35CCC, 35CCD, Chapter VI-A (except section 80JJAA or section 80M), additional depreciation under section 32(1)(iia) etc. and without set-off of brought forward loss and unabsorbed depreciation attributable to such deductions. These sections will be dealt with in detail at Final Level.

Foreign Company Tax rate In India ?

Sl NoParticularsTax Rate
1Royalties and fees for rendering technical services (FTS) received from Government or an Indian concern in pursuance of an agreement, approved by the Central Government, made by the company with the Government or Indian concern between 1.4.1961 and 31.3.1976 (in case of royalties) and between 1.3.1964 and 31.3.1976 (in case of FTS)50 %
2Other Income40 %

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