Income Tax Rates for Financial Year (FY) 2023-24 / Assessment Year (AY) 2024-25
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Different tax rates have been provided for various categories of taxpayers and additional income sources. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates. However, companies are taxed at a fixed rate, except for certain specified incomes. This write-up will provide information on tax rates applicable to various taxpayers.
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The rates for deduction of income tax at source from ‘Salaries’ or under section 194P of the Act during the FY 2023-24 and also for computation of ‘advance tax’ payable during the said year in the case of all categories of the assessee have been specified in Part III of the First Schedule to the Bill.
ઇન્કમટેક્ષ વર્ષ-૨૦૨૩/૨૪ની ગુજરાતીમાં સરળ સમજુતી માટે ડાઉનલોડ કરવા અહી ક્લિક કરો.
These rates are also applicable for charging income tax during the FY 2023-24 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non-residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc. There is no change in the tax rates from last year. The salient features of the rates specified in the said Part III are indicated in the following paragraphs-
Tax Rates
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.
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Individuals (Other than senior and super senior citizens) |
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Net Income Range |
Rate of Income-tax |
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Assessment Year 2024-25 |
Assessment Year 2023-24 |
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Up to Rs. 2,50,000 |
– |
– |
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Rs. 2,50,000 to Rs. 5,00,000 |
5% |
5% |
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Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
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Above Rs. 10,00,000 |
30% |
30% |
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Senior Citizen (who is 60 years or more at any time during the previous year) |
||
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Net Income Range |
Rate of Income-tax |
|
|
Assessment Year 2024-25 |
Assessment Year2023-24 |
|
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Up to Rs. 3,00,000 |
– |
– |
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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) |
||
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Net Income Range |
Rate of Income-tax |
|
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Assessment Year 2024-25 |
Assessment Year 2023-24 |
|
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Up to Rs. 5,00,000 |
– |
– |
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Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
|
Above Rs. 10,00,000 |
30% |
30% |
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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 |
|
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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% |
Surcharge at the rate of seven per cent. shall continue to be levied in case of a domestic company (except those opting for taxation under section 115BAA and section 115BAB of the Act), if the total income of the domestic company exceeds one crore rupees but does not exceed ten crore rupees. Surcharge at the rate of twelve per cent shall continue to be levied if the total income of the domestic company (except those opting for taxation under section 115BAA and section 115BAB of the Act) exceeds ten crore rupees.
In the case of companies other than domestic companies, the existing surcharge of two per cent shall continue to be levied, if the total income exceeds one crore rupees but does not exceed ten crore rupees. Surcharge at the rate of five per cent shall continue to be levied if the company's total income other than domestic company exceeds ten crore rupees.
Marginal relief is provided in surcharge in all cases.
In other cases [including sub-section (2A) of section 92CE, sections 115-O, 115QA, 115R, 115TA, or 115TD, the surcharge shall be levied at twelve per cent.
For FY 2023-24, an additional surcharge called the ―Health and Education Cess on income shall be levied at the rate of four per cent on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. No marginal relief shall be available in respect of such cess.
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