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TMI BlogRATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals]X X X X Extracts X X X X X X X X Extracts X X X X ..... aries" and charging of tax payable in certain cases for the assessment year 2023-24 would now become part I of the first schedule. Part III would now apply for the assessment year 2024-25. (1) Tax rates under section 115BAC- On satisfaction of certain conditions, as per the provisions of section 115BAC of the Act, an individual or HUF, from assessment year 2021-22 to assessment year 2023-24, has the option to pay tax in respect of the total income at following rates: Total Income (Rs) Rate Up to 2,50,000 Nil From 2,50,001 to 5,00,000 5% From 5,00,001 to 7,50,000 10% From 7,50,001 to 10,00,000 15% From 10,00,001 to 12,50,000 20% From 12,50,001 to 15,00,000 25% Above 15,00,000 30% 2. With effect from assessment year 2024-25, it is proposed that the following rates provided under the proposed sub-section (1A) of section 115BAC of the Act shall be the rates applicable for determining the income-tax payable in respect of the total income of a person, being an individual or Hindu undivided family or association of persons [other than a co- operative society], or body of individuals, whether incorporated or not, or an artificial juridical person referred to in s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ession who has exercised the above option of shifting out of the regime provided under the proposed sub-section (1A) of section 115BAC shall be able to exercise the option of opting back to the regime under proposed sub- section (1A) of section 115BAC only once. However, a person not having income from business or profession shall be able to exercise this option every year. 6. In respect of income chargeable to tax under sub-section (1A) of section 115BAC of the Act, the "advance tax" for FY 2023-24 shall be increased by a surcharge, for the purposes of the Union, computed, in the case of every individual or Hindu undivided family or association of persons, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act,- (i) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of 10% of such "advance-tax"; (ii) having a total income (including the income by way of dividend or income under the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or HUF or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act (not being a case to which any other Paragraph of Part III applies) are as under:- Up to Rs. 2,50,000 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% (ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,- Up to Rs. 3,00,000 Nil. Rs. 3,00,001 to Rs.5,00,000 5% Rs. 5,00,001 to Rs.10,00,000 20% Above Rs. 10,00,000 30% (iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,- Up to Rs.5,00,000 Nil. Rs. 5,00,001 to Rs.10,00,000 20% Above Rs 10,00,000 30% B. Co-operative Societies In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part I of the First Schedule to the Bill. They remain unchanged at (10% up to Rs 10,000; 20% between Rs 10,000 and Rs 20,000; and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under the provisions of section 111A, 112 and 112A of the Act) exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; (v) having a total income (including the income by way of dividend or income under the provisions of section 111A, 112 and 112A of the Act) exceeding two crore rupees, but is not covered under clause (iii) or (iv) above, at the rate of fifteen per cent of such income tax: 1.1 It is further provided that in case where the total income includes any income by way of dividend or income chargeable under section 111A, 112 and 112A of the Act, the rate of surcharge on the amount of income-tax computed in respect of that part of income shall not exceed fifteen percent; 1.2 However, surcharge shall be at the rates provided in (i) to (v) above for all category of income without excluding dividend or capital gains in case if the income is taxable under section 115A, 115AB, 115AC, 115ACA and 115E. (b) in the case of individual or every association of person, except in a case of an association of persons consisting of only companies as its members, or body of individuals, whether incorporated or not, or every artificial juridical person re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iety opting under section 115BAD of the Act, at the rate of 10% of such income tax; (g) in the case of every domestic company, except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Act,- (i) at the rate of 7% of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of 12% of such income-tax, where the total income exceeds ten crore rupees; (h) in the case of domestic company whose income is chargeable to tax under section 115BAA or 115BAB of the Act, at the rate of 10%; (i) in the case of every company, other than a domestic company,- (i) at the rate of two per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such income-tax, where the total income exceeds ten crore rupees; (j) In other cases (including sections 92CE, 115QA, 115R, or 115TD of the Act), the surcharge shall be levied at the rate of 12%. (5) Marginal Relief- Marginal relief has also been provided in all cases where surcharge is proposed to be imposed. (6) Health and Education Cess- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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