CA Shiwali Dagar
Under Old Regime
(i) In case of every individual having age of < 60 Years, HUF or AOP or BOI, whether incorporated or not, or every AJP
Rates of Income Tax
Income (X) Rate
- X < 2,50,000 Nil
- 2,50,000 < X < 5,00,000 5%
- 5,00,000 < X <10,00,000 Rs.12,500 + 20%
- >10,00,000 Rs.1,12,500 + 30%
(ii) In case of every individual, being a resident of India, having age of > 60 years, < 80 years
Rates of Income Tax
Income (X) Rate
- <3 LAKH Nil
- 3 LAKH< X < 5LAKH 5%
- 5 LAKH < X < 1LAKH Rs. 10,000 + 20%
- >10 LAKH Rs. 1,10,000 + 30%
(iii) In case of every individual, being a resident in India, having age > 80 years
Rates of Income Tax
Income (X) Rate
- < 5 LAKH Nil
- 5 LAKH < X < 10 LAKH 20%
- > 10 LAKH Rs. 1,00,000 + 30%
Surcharge on Income Tax
The amount of income- tax computed above shall be increased by a surcharge
In case of every Individual or HUF or AOP or BOI whether incorporated or not, or every AJP referred to in sub-clause (vii) of clause (31) of section 2 of the income - tax act,
Income (X) Rate
- 50 LAKH < X < 1 CR 10%
- 1CR < X < 2 CR 15%
- 2CR < X < 3 CR 25%
- >5 CR 37%
- >2 CR but not covered under clauses (a) & (b) 15%
Provided- In case where the total income includes any income by way of dividend or income under the provision of section 111A,112 & 112A of the Income- Tax Act, the rate of surcharge on the amt. of IT computed in respect of that part of income shall be < 15%
Provided further- In case of AOP consisting of any companies as its member, the rate of surcharge on the amt. of IT shall be < 15%.
Provided also- In case of persons mentioned above having total income exceeding, -
(a) 50 LAKH but < 1CR, total amt. payable as IT and surcharge on such incomes shall not exceed the sum of total amt. payable as IT on a total income of 50LAKH and the amt. of income that exceeds 50LAKH.
(b) 1CR but < 2CR total amt. payable as IT and surcharge on such incomes shall not exceed the total amt. payable as IT and surcharge on a total income of 1CR more than the amt. of income that exceeds 1CR.
(c) 2CR but < 5CR total amt. payable as IT and surcharge on such incomes shall not exceed the total amt. payable as IT and surcharge on a total income of 2CR more than the amt. of income that exceeds 2CR.
(d) 5CR total amt. payable as IT and surcharge on such incomes shall not exceed the total amt. payable as IT and surcharge on a total income of 5CR more than the amt. of income that exceeds 5CR.
Under New Regime (Sec 115 BAC)
INCOME (X) RATE
- Up to 4 lakh Nil
- From 4,00,001 to 8lakh 5%
- From 8,00,001 to 12lakh 10%
- From 12,00,001 to 16lakh 15%
- From 16,00,001 to 20lakh 20%
- From 20,00,001 to 24 lakh 25%
- Above 24 lakh 30%
In case of every co-operative society, -
Income (X) Rate
- < 10,000 10%
- 10,000 < X < 20,000 Rs.1,000 + 20%
- >20,000 Rs.3,000 + 30%
Surcharge on IT
Income (x) Rate
- 1CR < X <10CR 7%
- >10CR 12%
Provided- In case of every co-operative society having total income > 1CR but < 10CR the total amt. payable as IT and surcharge on such income shall not exceed total amt. payable as IT on a total income of 1CR more than the amt. of income that >1CR.
Provided further- In case of every co-operative society having a total income >10CR the total amt. payable as IT and surcharge on such IT shall not exceed total amt. payable as IT and surcharge on a total income of 10CR more than the amt. of income that exceeds 10CR.
In case of every firm, -
Income (X) Rate
- >1CR 12%
Provided- In case of every firm mentioned above having total income >1CR total income payable as IT and surcharge on such income shall not exceed the total amt. payable as IT on a total income of 1CR more than the amt. of income that > 1CR
In case of every local authority, -
ON THE WHOLE OF THE TOTAL INCOME 30%
Surcharge on IT
Income (X) Rate
>1CR 12%
Provided- In case of every local authority mentioned above having total income > 1CR, the total amt. payable as IT and surcharge on such IT shall not exceed the total amt. payable as IT on an income of 1CR more than the amt. of IT >1CR
In the case of a company
a. In case of a domestic company
Income(X) Rate
(a) Total turnover or the gross receipt of PY 2022-23 > 400crore 25%
(b) Other than that referred to in item(i) 30%
b. In case of a company other than a domestic company
(a) On so much of the total income as consist of, - 50%
- Royalties received from govt. or an Indian concern in pursuance of an agreement made by it with the Govt. or Indian concern after the 31st March, 1961 but before the 1st April,1976
- Fees for rendering technical services received from Govt. or an Indian concern in pursuance of an agreement made by it with the Govt. or an Indian concern after the 29 February,1964 but before the 1st April,1976,and where such agreement has, in either case, been approved by the Central Govt.
(b) On the balance, if any, of the total income 35%
Surcharge on IT
(A) In case of every domestic company, -
INCOME (X) RATE
- 1CR < X <10CR 7%
- >10CR 12%
(B) In case of every company other than domestic company, -
INCOME (X) RATE
- 1CR < X <10CR 2%
- >10CR 5%
Provided- In case of every company having a total income >1cr but <10cr the total amt. payable as IT and surcharge on such income shall not exceed the total amt. payable as IT on a total income of 1cr more than the amt. of income that exceed 1cr
Provided further - In case of every company having a total income >10cr the total amt. payable as IT and surcharge on a total income of 10cr by more than the amt. of income that > 10cr.
CAclubindia
