Individuals
Income (Rs)
Proposed rate of tax (AY 2024-25)
Upto 3,00,000 Nil
3,00,001-6,00,000 5%
6,00,001-9,00,000 10%
9,00,001 – 12,00,000 15%
12,00,001 – 15,00,000 20%
Above 15,00,000 30%
*Note- No deduction available except mentioned below.
• Standard Deduction U/s 16(ia)
• Family Pension U/s 57(iia)
• Deposited in the Agniveer Corpus Fund u/s 80CCH(2)
Note:
1.Cess of 4% is leviable on the amount of income tax and surcharge, if any.
2. Rebate u/s 87A available for a resident Individual (whose income does not exceed 7,00,000). The amount of rebate is 100% of income tax calculated before education cess or 25000 whichever is less i.e. no tax under new regime upto Rs. 7 lakhs of Income.
3. Rebate u/s 87A continues under Old Regime for a resident individual (whose income does not exceed 5,00,000).The amount of rebate is 100% of income tax calculated before education cess or 12,500 whichever is less.
AY 2024-25)
Domestic Company having total income less than 1 Crore 30%*
Domestic Company having total income more than 1 Crore but less than 10 Crore 30%* plus surcharge of 7%
Domestic Company having total income more than 10 Crore 30%* plus surcharge of 12%
Other Company having total income less than 1 Crore 40%
Other Company having total income more than 1 Crore but less than 10 Crore 40% plus 2%
Other Company having total income more than 10 Crore 40% plus 5%
Note: Cess of 4% shall be levied over and above the above taxes.
*Reduced rate of 25% shall be applicable where total turnover / receipts in the last P.Y. does not exceed Rs 400 Cr
Flat tax rate of 30% and surcharge @ 12% of income tax if net income exceeds Rs 1 Cr. Additionally, cess of 4% is applicable.