senior citizens income tax calculation,income tax calculation,how to calculate income tax,income tax,senior citizens income tax calculation 2023-24,senior citizens income tax calculation AY 2024-25 ,senior citizens tax calculation,senior citizens income tax slabs,senior citizen income tax,senior citizen tax slabs,senior citizen income tax calculation,senior citizen how to calculate income tax,fincal,income tax slab 2023-24,old vs new tax regime

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)

Add:

a. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-

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

**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  :

Add:

a. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-

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

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

• 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

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

**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

You can visit Income tax department website of India click here

Hope this article will help on following topics

income tax slab FY 2023-24,income tax,income tax calculation,income tax slab for senior citizens ay 2024-25, income tax slab for senior citizens ay 2024-25 , income tax slab 2023-24,income tax slabs,income tax slabs FY 2023-24,income tax slab for ay 2024-25,income tax slab,how to calculate income tax,slab rates of income tax for ay 24-25,income tax slab ay 2024-25,income tax slabs for fy 2023-24,tax slab rate for ay 2024-25,slab rate for 2024-25,new income tax slab 2023-24,income tax 2023-24, income tax rates  AY 2024-25 ,Income tax slabs AY 2024-25

Related Article

Income Tax Return : Free Study Material

Income Tax Slab for FY 2022-23 AY 2023-24 and Income tax Slab for FY 2021-22 AY 2022-23 as Amended by Finance Act 2022

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 2022-23 (AY 2023-24 ) and Income Tax Slab for FY 2021-22 (AY 2022-23)

Add:

a. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-

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) From Assessment Year 2023-24 onwards:

o The maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 112, shall be 15%.

o The surcharge rate for AOP with all members as a company, shall be capped at 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: 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 Rate for Individual and HUFs

The Finance Act, 2020, has provided an option to Individuals and HUF for payment of taxes at the following reduced rates from Assessment Year 2021-22 and onwards:

Add:

a. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-

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 2022-23 (AY 2023-24 ) and Income Tax Slab for FY 2021-22 (AY 2022-23)

For the Assessment Year 2023-24, 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. 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

3. Local Authority : Income Tax Slab for FY 2022-23 (AY 2023-24 ) and Income Tax Slab for FY 2021-22 (AY 2022-23)

For the Assessment Year 2022-23 & 2023-24, 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 2022-23 (AY 2023-24 ) and Income Tax Slab for FY 2021-22 (AY 2022-23)

Income-tax rates applicable in case of domestic companies for assessment year 2022-23 and 2023-24 are as follows:

Domestic Company
	Assessment Year 2022-23	Assessment Year 2023-24
Where its total turnover or gross receipt during the previous year 2019-20 does not exceed Rs. 400 crore	25%	NA
Where its total turnover or gross receipt during the previous year 2020-21 does not exceed Rs. 400 crore	NA	25%
Any other domestic company	30%	30%

Add:

(a) Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. The surcharge shall be subject to marginal relief, which shall be as under:

 (i)  Where income exceeds Rs. 1 crore but not exceeding Rs. 10 crore, the total amount payable as income-tax and surcharge shall not exceed 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.

 (ii)  Where income exceeds Rs. 10 crore, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of Rs. 10 crore by more than the amount of income that exceeds Rs. 10 crore

(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.

4.1. Special Tax rates applicable to a domestic company

The special Income-tax rates applicable in case of domestic companies for assessment year 2022-23 and 2023-24 are as follows:

Domestic Company
	Assessment Year 2022-23	Assessment Year 2023-24
Where it opted for section 115BA	25%	25%
Where it opted for Section 115BAA	22%	22%
Where it opted for Section 115BAB	15%	15%

Surcharge : The rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be flat 10% irrespective of amount of total income.

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.

MAT : The domestic company who has opted for special taxation regime under Section 115BAA & 115BAB is exempted from provision of MAT. However, no exemption is available in case where section 115BA has been opted.

In that case, the provisions of Minimum Alternate Tax (MAT) applies, tax payable cannot be less than 15% (+HEC) of “Book profit” computed as per section 115JB. However, MAT is levied at the rate of 9% (plus surcharge and cess as applicable) in case of a company, being a unit of an International Financial Services Centre and deriving its income solely in convertible foreign exchange. For provisions relating to MAT refer tutorial on “MAT/AMT” in tutorial section.

5. Foreign Company : Income Tax Slab for FY 2022-23 (AY 2023-24 ) and Income Tax Slab for FY 2021-22 (AY 2022-23)

Assessment Year 2022-23 and Assessment Year 2023-24

Add:

(a)  Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i)  Where income exceeds one crore rupees but not exceeding ten 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.

 (ii)  Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten 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.

6. Co-operative Society : Income Tax Slab for FY 2022-23 (AY 2023-24 ) and Income Tax Slab for FY 2021-22 (AY 2022-23)

Assessment Year 2022-23 and Assessment Year 2023-24

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).

Note: From Assessment Year 2023-24 onwards, the rate of surcharge in the case of co-operative societies having income between 1 crore to 10 crores is reduced from 12% to 7%.

(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.

6.1. Special tax rates applicable to a Co-operative societies

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

[As amended by Finance Act, 2022]

You can visit Income tax department website of India click here

Hope this article will help on following topics

income tax slab 2022-23,income tax,income tax calculation,income tax slab for senior citizens ay 2022-23, income tax slab for senior citizens ay 2023-24 , income tax slab 2023-24,income tax slabs,income tax slabs 2022-23,income tax slab for ay 2023-24,income tax slab,how to calculate income tax,slab rates of income tax for ay 22-23,income tax slab ay 2023-24,income tax slabs for fy 2022-23,tax slab rate for ay 2023-24,slab rate for 2023-24,new income tax slab 2022-23,income tax 2022-23

Related Article

Income Tax Return : Free Study Material

Income Tax Calculator 2023-24 has been released by Income Tax Department after Finance Bill 2023 for FY 2023-24  /AY 2024-25

Tax Calculator is now live! A dedicated tax calculator to check Old Tax Regime vis-à-vis New Tax Regime for Individual/HUF/AOP/BOI/Artificial Juridical Person(AJP) as per Section 115BAC can now be accessed on the IT Dept website.

Tax Calculator – Old Regime vis-à-vis New Regime as proposed by Finance Bill, 2023 click here

Video on How to use  Income Tax Calculator FY 2023-24 I  CA SAtbir Singh Youtube Channel  Old Regime vis-à-vis New Regime

how to calculate income tax,income tax calculation,income tax,income tax calculator,tax calculation,income tax slab,new income tax calculation excel,income tax calculation 2023-24,income tax calculation 2022-23,income tax calculator excel,income tax slab rates,income tax rebate,new income tax,income tax return,income tax calculation 2023-24,income tax calculation fy 2023-24,income tax calculator 2023,income tax 2023,new income tax rebate ,

1. Tax calculator
2. How to use income tax calculator
3. Tax preparation software
4. Filing taxes online
5. Tax planning
6. Tax savings tips
7. Avoiding tax mistakes
8. Tax forms