AY 2024-2025
Income Tax Rates
| Assessee – Slab rate cases | |||||||
| Tax rates à | 0% | 5% | 10% | 15% | 20% | 25% | 30% |
| Individual* / HUF / AOP / BOI / PDT / AJP / Trust | |||||||
| Tax u/s 115BAC | 3 lakh | 3 – 6 lakh | 6 – 9 lakh | 9 – 12 lakh | 12 – 15 lakh | – | Above 15 lakh |
| Tax under old regime: | |||||||
| If Individual Resident Senior Citizen (60 years) | 3 lakh | 3 – 5 lakh | – | – | 5 – 10 lakh | – | Above 10 lakh |
| If Individual Resident Very Senior Citizen (80 years) | 5 lakh | – | – | – | – | ||
| Other than above | 2.5 lakh | 2.5 – 5 lakh | – | – | – | ||
| Co-operative Society (if taxation u/s 115BAD/115BAE not opted) | – | – | 0.1 lakh | – | 0.1– 0.2 lakh | – | Above 0.2 lakh |
| Note: * Rebate u/s 87A will be applicable. |
| Assessee – Flat Rate cases: | Tax Rates | ||
| Firm / LLP / Local Authority / AOP-MMR / BOI-MMR / PDT-MMR | 30% | ||
| Co-operative Society : u/s 115BAD u/s 115BAE | 22% 15% | ||
| Domestic Company: If opting taxation u/s 115BAA If opting taxation u/s 115BAB If opting taxation u/s 115BA Turnover in FY 21-22 <=400 crore Others | 22% 15% 25% 25% 30% | ||
| Foreign Company | 40% | ||
| Cess | |||
| Cess on Income tax plus SC | 4% | ||
Surcharge For Individual / HUF / AOP / BOI / PDT / AJP / Trust
| Surcharge rates à | 0% | 10% | 15% | 25% | 37% | ||||||
| For AOP where all members are Company: | |||||||||||
| On income taxable at MMR rate | – | – | Entire IT amount | – | – | ||||||
| On other income | 50 Lakh | 50 Lakh – 1 crore | Above 1 crore | – | – | ||||||
| For other persons: | |||||||||||
| On income taxable at MMR rate: | |||||||||||
| Dividend | – | – | Entire IT amount | – | – | ||||||
| Other Income | – | – | – | Entire IT amount | |||||||
| *Dividend from Companies / STCG u/s 111A / LTCG u/s 112 / 112A / Income u/s 115AD(1)(b) | 50 Lakh | 50 Lakh – 1 crore | Above 1 crore | – | – | ||||||
| Any other income | 1 – 2 crore | ^ 2 – 5 crore | ^ Above 5 crore | ||||||||
Under the Alternative tax regime u/s 115BAC, the maximum surcharge rate is limited to 25%.
^ Income excluding Dividend from Companies / STCG u/s 111A / LTCG u/s 112 / 112A / Income u/s 115AD(1)(b).
* Surcharge on Dividend from Companies, 112, 112A, 111A & 115AD(1)(b) income, Dividend income taxable at MMR is limited to 15% even if income is above Rs.2 crore. Surcharge on income u/s 115BBE is to be calculated at 25%.
- For Other status:
| Status: | Surcharge Rates |
| Firm / Local authority | 12% (Above 1 crore) |
| Co-operative Society/ Domestic Company: | |
| Normal Rate | 7% (Above 1 crore to up to 10 crore) 12% (Above 10 crore) |
| If Taxation u/s 115BAD/115BAE/115BAA / 115BAB is opted | 10% (Entire IT amount) |
| Foreign Company | 2% (Above 1 crore, up to 10 crore) 5% (Above 10 crore) |
Marginal relief is equal to tax & surcharge on Total Income minus tax and surcharge on the limit, minus income exceeding the limit.
The limit is -50 lakh, if Total income is above 50 lakh but not more than 1 crore
-1 crore, if Total Income is above 1 crore but not more than 2 crore
-2 crore, if Total Income is above 2 crore but not more than 5 crore
-5 crore, if Total Income is above 5 crore
-10 crore, if Total Income is above 10 crore
| MAT / AMT | |
| Company | 15%*+ SC + Cess |
| Firm / LLP / Local Authority | 18.5%* + SC + Cess |
| Co-operative Society | 15%* + SC + Cess |
| Individual / HUF / AOP / BOI / PDT / AJP / Trust / AOP-MMR / BOI-MMR / PDT-MMR if Adjusted Total Income is above Rs.20 lakh (Adjusted Total Income means Total Income before allowing deduction u/s 80H to 80RRB, 10AA & 35AD(1)) | 18.5%* + SC + Cess |
| Notes: MAT/AMT is not applicable if opted tax u/s 115BAA, 115BAB, 115BAC, 115BAD or 115BAE.* 9% in case of Assessee earning solely in convertible Foreign Exchange in an International Financial Services Centre.Surcharge rates are same as mentioned above. |
| Rebate u/s 87A | ||
| For AY 23-24 & below | For AY 24-25 | |
| Applicable only for: | Resident Individuals | Resident Individuals |
| Total Income: | Not exceeding Rs. 5 lakh | Not exceeding, – Rs. 5 lakh under Old regime – Rs. 7 lakh under New regime u/s 115BAC |
| Tax rebate: | Tax rebate up to Rs. 12,500/- can be availed u/s 87A. Therefore, rebate is lower of the following: Entire amount of tax OR Rs. 12,500/- | Old regime: Same as previous years. New regime u/s 115BAC: Rebate up to Rs. 25,000/- can be availed u/s 87A. Therefore, rebate is lower of the following:Entire amount of tax OR Rs. 25,000/-If income exceeds Rs. 7 lakh, benefit of marginal relief is available. For e.g.: Total Income is Rs. 7,05,000/-; Tax on total income is Rs. 25,500/-;Difference between the Total income and maximum income limit for availing rebate is Rs. 5,000/- ( i.e. 7,05,000 – 7,00,000) The Rebate u/s 87A in this case is Rs. 20,500/- ( 25,500 – 5,000) |
Note: As per Section 112A, if the total income of an assessee includes any long-term capital gains u/s 112A, then Rebate u/s 87A shall be allowed from the income-tax on the total income as reduced by tax amount on such capital gains.