Rate of TDS on Salaries and Computation of Income for Advance Tax for FY 2023-24 / Assessment Year 2024-25

Union Budget 2023-24 + FINANCE Bill, 2023

Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2023-24 (Assessment Year 2024-25).

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 assessee have been specified in Part III of the First Schedule to the Bill. 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 except for those whose income is chargeable to tax under sub-section (1A) of section 115BAC of the Act. The salient features of the rates specified in the said Part III as well as specific sections of the Act are indicated in the following paragraphs-

1. Rate of Income Tax - Individual, HUF, association of persons, body of individuals, artificial juridical person 

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2. Co-operative Societies - Rate of Income Tax

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3. Firms – Rate of Income Tax on Firms / Partnership Firm

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4. Local authorities - Rate of Income Tax

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5. Companies – Rate of Income Tax / Corporate Tax

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6. Income Tax - Rebate under section 87A

Full Text:

Union Budget 2023-24 + FINANCE Bill, 2023

Dated: 1-2-2023