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TMI BlogRates of income-tax in respect of income liable to tax for the assessment year 2024-25.X X X X Extracts X X X X X X X X Extracts X X X X ..... Bill. There is no change proposed in tax rates either in these specific sections or in the First Schedule. The rates provided in sections 115BAA or 115BAB or 115BAC or 115BAD or 115BAE of the Act for the assessment year 2024-25 would be same as already enacted. Similarly rates laid down in Part III of the First Schedule to the Finance Act, 2023, for the purposes of computation of "advance tax", deduction of tax at source from "Salaries" and charging of tax payable in certain cases for the assessment year 2024-25 would now become part I of the first schedule. Part III would now apply for the assessment year 2025-26. (1) Tax rates under section 115BAC-- For assessment year 2024-25, as per the provisions of sub-section (1A) of section 115BAC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 one crore rupees but not exceeding two crore rupees, at the rate of 15% of such income-tax; (iii) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Act) exceeding two crore rupees, at the rate of 25% of such income-tax; (iv) 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 two crore rupees, but is not covered under clause (iii) above, at the rate of 15% of such income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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% These rates are the same as those applicable for the assessment year 2023-24. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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