Income Tax Slab for FY 2023-24 / AY 2024-25
Income Tax Slab for FY 2023-24 AY 2024-25 as per Finance Bill 2023 and Income tax Slab for FY 2022-23 AY 2023-24
1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person : Income Tax Slab for FY 2023-24 (AY 2024-25 ) and Income Tax Slab for FY 2022-23 (AY 2023-24)
| Individuals | ||
| (Other than senior and super senior citizen) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2024-25 | Assessment Year 2023-24 | |
| Up to Rs. 2,50,000 | – | – |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
| Senior Citizen | ||
| (who is 60 years or more at any time during the previous year) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2024-25 | Assessment Year 2023-24 | |
| Up to Rs. 3,00,000 | – | – |
| Rs. 3,00,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
| Super Senior Citizen | ||
| (who is 80 years or more at any time during the previous year) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2024-25 | Assessment Year 2023-24 | |
| Up to Rs. 5,00,000 | – | – |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
| Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person) | ||
| Net Income Range | Rate of Income-tax | |
| Assessment Year 2024-25 | Assessment Year 2023-24 | |
| Up to Rs. 2,50,000 | – | – |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Add:
a. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-
| Rate of Surcharge | |||||||||
| Assessment Year 2024-25 | Assessment Year 2023-24 | ||||||||
| Range of Income | Range of Income | ||||||||
| Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 2 Crores | Rs. 2 Crores to Rs. 5 Crores | Rs. 5 crores to Rs. 10 Crores | Exceeding Rs. 10 Crores | Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 2 Crores | Rs. 2 Crores to Rs. 5 Crores | Rs. 5 crores to Rs. 10 Crores | Exceeding Rs. 10 Crores |
| 10% | 15% | 25% | 37% | 37% | 10% | 15% | 25% | 37% | 37% |
Note:
(1) The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112A and 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.
(2) In case of short term capital gains covered under section 111A, long term capital gains covered under section 112/112A and dividend income, surcharge would be restricted to maximum 15%.
From Assessment Year 2023-24 onwards:
o The surcharge rate for AOP with all members as a company, shall be capped at 15%.
b. Health and Education Cess : Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.
Note: 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.
1.1.Special tax rates u/s 115BAC
Special tax rates for Individual/ HUF/ AOP/ BOI/ AJP from AY 2024-25 Onwards
Rates from Assessment Year 2024-25 : Assessees opting for Section 115BAC
| Total Income (Rs) | Rate |
| Up to 3,00,000 | Nil |
| From 3,00,001 to 6,00,000 | 5% |
| From 6,00,001 to 9,00,000 | 10% |
| From 9,00,001 to 12,00,000 | 15% |
| From 12,00,001 to 15,00,000 | 20% |
| Above 15,00,000 | 30% |
**Note: – Benefit of the reduced tax rates can be availed if the Individual/ HUF/ AOP/ BOI/ AJP forgoes the prescribed deduction and exemption
* Surcharge: 10% if total income exceeds Rs. 50 lacs, 15% if total income exceeds Rs. 1 Crore but doesn’t exceed Rs. 2 Crore, 25% if total income exceeds Rs. 2 Crore
* In case of short term capital gains covered under section 111A, long term capital gains covered under section 112/112A and dividend income, surcharge would be restricted to maximum 15%.
* Health & Education cess at 4% of Income Tax & Surcharge
* Relief u/s 87A up to Rs. 25,000 for resident individuals having total income of up to Rs. 7,00,000
Special tax Rate for Individual and HUFs for AY 2023-24
The Finance Act, 2020, has provided an option u/s 115BAC to Individuals and HUF for payment of taxes at the following reduced Rates from Assessment Year 2021-22 to Assessment Year 2023-24 :
| Total Income (Rs) | Rate |
| Up to 2,50,000 | Nil |
| From 2,50,001 to 5,00,000 | 5% |
| From 5,00,001 to 7,50,000 | 10% |
| From 7,50,001 to 10,00,000 | 15% |
| From 10,00,001 to 12,50,000 | 20% |
| From 12,50,001 to 15,00,000 | 25% |
| Above 15,00,000 | 30% |
Add:
a. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-
| Range of Income | ||||
| Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 2 Crores | Rs. 2 Crores to Rs. 5 Crores | Rs. 5 crores to Rs. 10 Crores | Exceeding Rs. 10 Crores |
| 10% | 15% | 25% | 37% | 37% |
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 and 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.
However, marginal relief is available from surcharge in following manner-
i. in case where net income exceeds Rs. 50 lakh but doesn’t exceed Rs. 1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs.
ii. in case where net income exceeds Rs. 1 crore but doesn’t exceed Rs. 2 crore, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.
iii. in case where net income exceeds Rs. 2 crore but doesn’t exceed Rs. 5 crore, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 2 crore by more than the amount of income that exceeds Rs. 2 crore.
iv. in case where net income exceeds Rs. 5 crore, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 5 crore by more than the amount of income that exceeds Rs. 5 crore.
b. Health and Education Cess : Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.
Note 1: 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.
Note 2: The option to pay tax at lower rates shall be available only if the total income of assessee is computed without claiming specified exemptions or deductions:
2. Partnership Firm : Income Tax Slab for FY 2023-24 (AY 2024-25 )
For the Assessment Year 2024-25, a partnership firm (including LLP) is taxable at 30%.
Add:
(a) 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.
(b) 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
3. Local Authority : Income Tax Slab for FY 2023-24 (AY 2024-25 ) and Income Tax Slab for FY 2022-23 (AY 2023-24)
For the Assessment Year 2023-24 & 2024-25, a local authority is taxable at 30%.
Add:
(a) 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 (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
(b) 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.
4. Domestic Company : Income Tax Slab for FY 2023-24 (AY 2024-25 )
Income-tax rates applicable in case of domestic companies for assessment year 2024-25 are as follows:
| Domestic Company | ||
| Assessment Year 2024-25 | ||
| ♦Company opting for section 115BA* | 25% | |
| ♦ Company having turnover or gross receipt of up to Rs. 400 crore in the previous year 2021-22* | 25% | |
| ♦Company opting for section 115BAA** | 22% | |
| ♦ Company opting for section 115BAB** | 15% | |
| ♦ Any other company* | 30% | |
| ♦ MAT*** | 15% | |
Surcharge: 7% if total income exceeds Rs. 1 Crore and 12% if total income exceeds Rs. 10 Crores
** Surcharge shall be levied at the flat rate of 10%.
*** MAT shall not be applicable in case of Insurance & Shipping Cos. and Cos. opting for Section 115BAA or Section 115BAB
Note: Health & Education cess at 4% of Income Tax & Surcharge
5. Foreign Company : Income Tax Slab for FY 2023-24 (AY 2024-25 )
Assessment Year 2024-25
| Nature of Income | Tax Rate |
| Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government | 50% |
| Any other income | 40% |
Add:
- * Surcharge: 2% if total income exceeds Rs. 1 Crore and 5% if total income exceeds Rs. 10 Crores* Health & Education cess at 4% of Income Tax & Surcharge
6. Co-operative Society : Income Tax Slab for FY 2023-24 (AY 2024-25 )
Assessment Year 2024-25
| Taxable income | Tax Rate |
| Up to Rs. 10,000 | 10% |
| Rs. 10,000 to Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
- Surcharge : 7% if total income exceeds Rs. 1 Crore and 12% if total income exceeds Rs. 10 Crores* Health & Education cess at 4% of Income Tax & Surcharge
6.1. Special tax rates applicable to a Co-operative societies
| Taxable income | Tax Rate |
| Any income | 22% |
Note:
The Finance Act, 2020 has inserted a new Section 115BAD in Income-tax Act to provide an option to the co-operative societies to get taxed at the rate of 22% plus 10% surcharge and 4% cess. The resident co-operative societies have an option to opt for taxation under newly Section 115BAD of the Act w.e.f. Assessment Year 2021-22. The option once exercised under this section cannot be subsequently withdrawn for the same or any other previous year.
If the new regime of Section 115BAD is opted by a co-operative society, its income shall be computed without providing for specified exemption, deduction or incentive available under the Act. The societies opting for this section have been kept out of the purview of Alternate Minimum Tax (AMT). Further, the provision relating to computation, carry forward and set-off of AMT credit shall not apply to these assessees
The option to pay tax at lower rates shall be available only if the total income of co-operative society is computed without claiming specified exemptions or deductions
Income tax rates for co-operative society opting for section 115BAE
| Taxable income | Tax Rate |
| “Income derived from or incidental to manufacturing or production of an article or thing” | 25% |
| Other Income | 22% |
**Note: – Benefit of the reduced tax rates can be availed if the co-operative society forgoes the prescribed deduction and exemption
surcharge is 10% of income tax
Health & education cess at 4% of Income Tax & surcharge
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