Income Tax Rates for FY 2022-23, Income Tax rates for AY 2023-24, Income Tax Rates for individual, Income Tax rate for companies, Income Tax rate for foreign companies, Ebizfiling

Income Tax Rates Slab for FY 2022-23 or AY 2023-24

Income Tax Rates Slab for FY 2022-23 (AY 2023-24)

Every year, after the budget it is necessary to check whether there is any change in the Income Tax Rates in India. Well, this year as well the Finance Ministry has prioritized Health and Infrastructure Sector, Finance Minister has kept the income-tax rates unchanged with minute changes in surcharge rates.So, if you are looking for the Income Tax slabs and rates for the financial year (FY) 2022-23 or Assessment year (AY) 2023-24 in India? This article might help you discover the Income Tax slab for AY 2023-24 and information on new tax regime.

 

Income Tax Rates Slab for FY 2022-23 or AY 2023-24

Looking for the Income Tax slabs and rates for the financial year 2022-23 or Assessment year 2023-24? This article might help you discover the same.

What are Income tax Slab rates in India?

The Indian Income Tax System follows Income Tax slabs for levying the tax on the income of an individual or non-individual. Various slabs are accounted for.

 

In India, the income tax is charged on the income earned. This tax applies to the range of income, which is called Income Tax Slabs. The slabs of income tax keep changing from year to year. The Finance Minister announces the slab rates of Income Tax in the Union Budget each year.

 

The income tax slab rate can be mainly bifurcated as under:

  • By Gender

    • Male; and

    • Female.

  • By Age

    • Resident; and

    • Non-resident in India.

  • For Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP)

  • On Non-individuals

    • Partnership Firms or LLPs;

    • Domestic Company;

    • Foreign Company;

    • Co-operative Societies; and

    • Local Authorities.

Income Tax Rates for Individual

Individual or HUF Opting for Normal Tax Regime

Income tax rates/slabs for for Individuals (men and women below the age of 60 years), HUF, NRI, Association of person, Body of Individuals and Artificial Judicial Person

Net Income Slab

Income Tax Rate for FY 2022-23

Up to Rs. 2,50,000

Rs. 2,50,001 – Rs. 5,00,000

5%

Rs. 5,00,001 – Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Income tax rates/slabs for Senior citizens(above 60 years but below 80 years)

Up to Rs. 3,00,000

Rs. 3,00,001 – Rs. 5,00,000

5%

Rs. 5,00,001 – Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Income tax rates/slabs for Senior citizens(above 60 years but below 80 years)

Up to Rs. 5,00,000

Rs. 5,00,001 – Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Individual or HUF Opting for Alternate Tax Regime under Section 115BAC

Up to Rs. 2,50,000

Rs. 2,50,001 to Rs. 5,00,000

5%

Rs. 5,00,001 to Rs. 7,50,000

10%

Rs. 7,50,001 to Rs. 10,00,000

15%

Rs. 10,00,000 to Rs. 12,50,000

20%

Rs. 12,50,001 to Rs. 15,00,000

25%

Above Rs. 15,00,000

30%

 

Important Note: If you opt-in for the new regime with slashed Income Tax rates, you need to forego certain tax exemptions.

Income Tax Rates For Non-Individual

Income tax rates/slabs for Co-operative Society

Opting for section 115BAD

22%

Income tax rates/slabs for other Co-operative Society

Upto Rs. 10,000

10%

Rs. 10,001 to Rs. 20,000

20%

Rs. 20,000 & above

30%

Income tax rates/slabs for Other Entities

Partnership Firm & LLP

30%

Local Authority

30%

Income tax rates/slabs for Domestic Companies

Domestic Company opting for Section 115BAB

1.  Income from manufacture or production of article or thing

2. Income from non-manufacturing activities (if no specific rate is prescribed)

3. Short term capital gains (from transfer of depreciable assets)

4. Short term capital gains (from transfer of non-depreciable assets)

5. Excess profit added by the Assessing officer under section 115BAB(6) owning to close connection between company and other person

 15%

22%

 15%

 22%

 30%

Company opted for Section 115BA

25%

Company opted for Section 115BAA

22%

Total turnover or gross receipt during the previous year 2020-21 does not exceed Rs. 400 crore

25%

Any other domestic company

30%

Income tax rates/slabs for Foreign Company

On total income as consists of

(a) royalties received from government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after 31-3-1961 but before 1-4-1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after 29-2-1964 but before 1-4-1976, and where such agreement has, in either case, been approved by the Central Government

50%

On the balance, if any, of the total income

40%

 

Suggested Read: TDS Rate chart for the FY 2022-23 (AY 2023-24)


Surcharge on Income tax

  • For Partnership Firms, Local Authorities and Co-operative Societies, the rate of surcharge shall be 12%.

  • If taxable income of a domestic company is more than Rs 1 crore but less than Rs 10 crore surcharge would be 7% and If taxable income is more than Rs 10 crore surcharge would be 12% and

  • If income of a foreign company is between 1 crore and 10 crores the surcharge shall be 2% and the surcharge will be 5% if income is greater than 10 crores.

Health and Education Cess on Income tax

  • The amount of income tax shall be increased by Health and Education Cess on Income Tax at the rate of 4% percent of the income tax payable by both resident and non-resident assessees.

Hope this article was helpful.

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