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Surcharge rates of 25% or 37% will not apply to the income from dividends and capital gains taxable under sections 111A (Short Term Capital Gain on Shares), 112A (Long Term Capital Gain on Shares), and 115AD (Tax on the income of Foreign Institutional Investors). Therefore, the highest surcharge rate on the tax payable for such incomes will be 15%.
Feb 7, 2023 · This article summarizes Income Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & Non Resident), HUF, Firms/LLP, Companies, Co-operative Society, Local Authority, AOP, BOI, artificial juridical persons for income liable to tax in the Financial ...
Jul 26, 2024 · Under section 115BAC, individuals, HUFs, AOPs, BOIs, and artificial juridical persons are taxed at progressive rates starting from nil for incomes up to Rs. 3 lakh and reaching 30% for incomes above Rs. 15 lakh. Surcharge rates also apply, ranging from 10% to 25% based on income slabs.
Jul 4, 2024 · Latest update. The highest surcharge rate on income above 5 crores is changed from 37% to 25%, which will reduce the Maximum Marginal rate of Tax from 42.74% to 39% of income. This will be applicable only under the new tax regime from 1st April 2023. A tax rebate is introduced on income upto 7 lakhs in the new tax regime.
The rates of Surcharge under the tax regimes are as under: Note: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112, 112A and Dividend Income.
Sep 22, 2024 · Tax slabs for AY 2024-25 and 2025-26 under the new regime vary, with tax rates starting at 5% for incomes above ₹3,00,000. However, opting for this regime disqualifies taxpayers from several deductions, including house rent allowance (HRA), leave travel concession (LTC), and deductions under Chapter VIA like Section 80C and 80D.
Sep 24, 2024 · For the assessment years 2024-25 and 2025-26, tax rates under the old tax regime for individuals, HUFs, AOPs, BOIs, and artificial juridical persons offer an exemption limit of ₹2.5 lakh, with slabs of 5% on income between ₹2.5 lakh and ₹5 lakh, 20% on income between ₹5 lakh and ₹10 lakh, and 30% on income above ₹10 lakh.
Given below are the income tax rates for FY 2024-25 (AY 2025-26), FY 2023-24 (AY 2024-25), FY 2022-23 (AY 2023-24) and FY 2021-22 (AY 2022-23) under the old tax regime. Income tax slabs for individuals under old tax regime
Jun 5, 2024 · iStock. Cess is levied on the total of income tax liability and surcharge. Income earned beyond a certain limit in a financial year is subject to tax. The tax amount one has to pay depends on the income tax slabs applicable to the income. The slabs and tax treatment vary in the new tax regime and the old tax regime.
The highest surcharge rate of 37% reduced to 25% in the new regime. Rebate under Section 87A increased to taxable income of Rs 7 lakh (tax rebate of 25,000) from 5 lakh (tax rebate of Rs 12,500) Income Tax Slabs Under Old Tax Regime. Here are the income tax slabs under the old tax regime of the Income Tax Act, 1961- Tax Slabs for Domestic Companies
