Tax

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

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)

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

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:

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.

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:

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

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

Tags: Ca in Kharadi, CA in Koregaon Park, CA Near Me