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DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2023-24. In respect of income of all categories of assessee liable to tax for the assessment year 2023-24, the rates of income-tax have either been specified in specific sections of the Act (like section 115BAA or section 115BAB for domestic companies, 115BAC for individual/HUF and 115BAD for cooperative societies) or have been specified in Part I of the First Schedule
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FAQ :
No, the income tax rates for assessment year 2023-24 remain unchanged, both in specific sections like 115BAA, 115BAB, 115BAC, and 115BAD, and in the First Schedule of the Bill.
From assessment year 2024-25, individuals and HUFs will have new default tax rates under section 115BAC: Nil up to Rs. 3,00,000; 5% from Rs. 3,00,001 to Rs. 6,00,000; 10% from Rs. 6,00,001 to Rs. 9,00,000; 15% from Rs. 9,00,001 to Rs. 12,00,000; 20% from Rs. 12,00,001 to Rs. 15,00,000; and 30% above Rs. 15,00,000.
The new default tax rates under sub-section (1A) of section 115BAC are computed without most exemptions or deductions. However, standard deduction, deduction for family pension income, and deduction for Agniveer Corpus Fund contributions are still allowed.
Resident cooperative societies can opt to pay tax at 22% from assessment year 2021-22 onwards. A new manufacturing co-operative society set up on or after 01.04.2023, commencing production by 31.03.2024 and not availing specific incentives, may opt for a 15% tax rate from assessment year 2024-25, with a 10% surcharge.
For domestic companies, the income tax rate is 25% if their turnover or gross receipts in the previous year 2020-21 did not exceed four hundred crore rupees. For all other domestic companies, the rate remains 30%.
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