INCOME TAX RATES FOR A.Y 2024-25 (FY 2023-24)

1. Individual (Resident or Resident but not Ordinarily Resident or non-resident) other than Senior Citizen & for HUF:

Taxable income Tax Rate Taxable income Tax Rate
(Existing Scheme) (New Scheme)
Up to Rs. 2,50,000 Nil Up to Rs. 3,00,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 5% Rs. 3,00,001 to Rs. 6,00,000 5%
From Rs. 5,00,0001 to Rs.10,00,000 20% Rs. 6,00,001 to Rs. 9,00,000 10%
Above Rs.10,00,000/- 30% Rs. 9,00,001 to Rs. 12,00,000 15%
Rs. 12,00,001 to Rs. 15,00,000 20%
Above Rs. 15,00,000 30%

2. Individual (Resident or Resident but not Ordinarily Resident or non-resident), Senior Citizen (Age of 60 years or more but less than 80 Years)

Taxable income Tax Rate Taxable income Tax Rate
(Existing Scheme) (New Scheme)
Up to Rs. 3,00,000 Nil Up to Rs. 3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000 5% Rs. 3,00,001 to Rs. 6,00,000 5%
From Rs. 5,00,0001 to Rs.10,00,000 20% Rs. 6,00,001 to Rs. 9,00,000 10%
Above Rs.10,00,000/- 30% Rs. 9,00,001 to Rs. 12,00,000 15%
Rs. 12,00,001 to Rs. 15,00,000 20%
Above Rs. 15,00,000 30%

3. Individual (Resident or Resident but not Ordinarily Resident or non-resident), Very Senior Citizen (age of 80 years or more )

Taxable income Tax Rate Taxable income Tax Rate
(Existing Scheme) (New Scheme)
Up to Rs. 5,00,000 Nil Up to Rs. 3,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20% Rs. 3,00,001 to Rs. 6,00,000 5%
Above Rs.10,00,000/- 30% Rs. 6,00,001 to Rs. 9,00,000 10%
Rs. 9,00,001 to Rs. 12,00,000 15%
Rs. 12,00,001 to Rs. 15,00,000 20%
Above Rs. 15,00,000 30%

Surcharge:
a) 10% of Income tax where total income exceeds Rs.50 lakh
b) 15% of Income tax where total income exceeds Rs.1 crore
c) 25% of Income tax where total income exceeds Rs.2 crore
d) 37% of Income tax where total income exceeds Rs.5 crore
Note: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112, 112A, 115AD and Dividend Income. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%, except when the income is taxable under section 115A, 115AB, 115AC, 115ACA and 115E.

Note – The rate of surcharge in case of assessee’s opting for New tax regime under section 115BAC shall be 25% instead of 37% for A.Y. 2024-25

Education cess: 4% of income tax plus surcharge
Note:A resident or Resident but not Ordinarily Resident individual is entitled to rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less. rebate under section 87A is available under existing scheme
Note:A resident or Resident but not Ordinarily Resident individual is entitled to rebate under section 87A if his total income does not exceed Rs. 7,00,000. The amount of rebate shall be 100% of income-tax or Rs. 25,000, whichever is less. rebate under section 87A is available under New Tax scheme

2.Income Tax Rates for AOP/BOI/Any other Artificial Juridical Person:

Taxable income Tax Rate Taxable income Tax Rate
(Existing Scheme) (New Scheme)
Up to Rs. 2,50,000 Nil Up to Rs. 3,00,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 5% Rs. 3,00,001 to Rs. 6,00,000 5%
From Rs. 5,00,0001 to Rs.10,00,000 20% Rs. 6,00,001 to Rs. 9,00,000 10%
Above Rs.10,00,000/- 30% Rs. 9,00,001 to Rs. 12,00,000 15%
Rs. 12,00,001 to Rs. 15,00,000 20%
Above Rs. 15,00,000 30%

Surcharge:
a) 10% of Income tax where total income exceeds Rs.50 lakh
b) 15% of Income tax where total income exceeds Rs.1 crore
c) 25% of Income tax where total income exceeds Rs.2 crore
d) 37% of Income tax where total income exceeds Rs.5 crore
Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A, 112 & short-term or long-term capital gain u/s 115AD(1)(b).
Education cess: 4% of tax plus surcharge

3. Tax Rate For Partnership Firm, Local Authority::
A partnership firm (including LLP), Local Authority is taxable at 30%.
Surcharge: 12% of Income tax where total income exceeds Rs. 1 crore
Education cess: 4% of Income tax plus surcharge

4. Tax Slab Rate for Domestic Company:
A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.

Particulars Tax Rate
If turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year 2020-21 25%
If company opted section 115BA 25%
If company opted for section 115BAA(2) 22%
If company opted for section 115BAB (2) 15%
Any other domestic company 30%

Surcharge:
a) 7% of Income tax where total income exceeds Rs.1 crore
b) 12% of Income tax where total income exceeds Rs.10 crore
c) 10% of income tax where domestic company opted for section 115BAA and 115BAB
Education cess: 4% of Income tax plus surcharge

5. Tax Rates for Foreign Company:
A foreign company is taxable at 40%
Surcharge:
a) 2% of Income tax where total income exceeds Rs. 1 crore
b) 5% of Income tax where total income exceeds Rs. 10 crore
Education cess: 4% of Income tax plus surcharge

6. (A)Income Tax Slab for Co-operative Society:

Taxable income Tax Rate Tax Rate-115BAD
(Existing Scheme) (New Scheme)
Up to Rs. 10,000 20%
Rs. 10,001 to Rs. 20,000 20% 22%
Above Rs. 20,000 30%

(B)Tax rate if opt for alternate tax regime under section 115BAE

Taxable income Tax Rate
Income from manufacturing activities 15%
Income from non-manufacturing activities* 22%
Short-term capital gain from transfer of depreciable assets 15%
Short-term capital gain from transfer of non-depreciable assets 22%
Excess profit derived due to arranged affairs 30%
* No deduction or allowance in respect of any expenditure or allowance shall be allowed in computing such income

Surcharge:
a) 7% of Income tax where total income exceeds Rs. 1 crore
b) 12% of Income tax where total income exceeds Rs.10 Crore
c) In case of Concessional scheme, surcharge rate is 10%
Education cess: 4% of Income tax plus surcharge

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