Tax rates for Individual/HUF/AOP/BOI for FY 2023-24. One should plan their taxes accordingly Tax Rates for persons other than Individuals and companies: Firms including LLP: In the case of firms normal tax rate is 30% in FY 2023-24 Co-operative Societies other than those who opt to be taxed u/s 115BAD OR 115BAE Total Income upto INR 10,000 tax rate is 10% Total Income exceeds 10000 but less than 20,000 tax rate is 20% Total Income exceeds 20,000 tax rate is 30% 3. For Co-operative Societies who opt to tax u/s 115BAD, the tax rate is 22% along with a 10% surcharge. 4. For Co-operative Societies who opt to tax u/s 115BAE, the tax rate is 15% along with a 10% surcharge. Local authorities: The normal tax rate is 30% Tax Rates for Companies: If a domestic company opts to be taxed under section 115BA- 25% If a domestic company opts to be taxed under section 115BAA- 22% If manufacturing domestic companies opt for section 115BAB- 15%, however in case of income other than manufacturin...
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