Income Tax - Slabs

For the assessment year 2023-24

Proprietorship Firm- Slab rates

LLP Firm- flat 30%

private Limited Company- flat 30%. Additionally, a surcharge of 12% is applicable if the total income of the company exceeds Rs. 1 crore.

he income tax rates and slabs for different types of business entities in India can vary. Tax slabs applicable to different types of business entities:

1. Proprietorship Firm:

• Individual Tax Slabs:

  • Up to Rs. 2.5 lakh: Nil
  • Rs. 2,50,001 to Rs. 5,00,000: 5%
  • Rs. 5,00,001 to Rs. 10,00,000: 20%
  • Above Rs. 10,00,000: 30%

• Surcharge and Health & Education Cess:

  • Surcharge and health & education cess may be applicable based on the total income.

2. Limited Liability Partnership (LLP) Firm:

• LLP Tax Rates:

  • LLPs are taxed at the flat rate of 30% on their total income.

    For further more detailed information on this topic visit: Two tax slabs for services likely; Council is examining proposal

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