Income Tax Rates for Different Entities in the Financial Year 2023-24

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:

1. Firms including LLP: In the case of firms normal tax rate is 30% in FY 2023-24
2. 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:

1. If a domestic company opts to be taxed under section 115BA- 25%
2. If a domestic company opts to be taxed under section 115BAA- 22%
3. If manufacturing domestic companies opt for section 115BAB- 15%, however in case of income other than manufacturing, income taxable at special rates would be:

• STCG referred to Section 111A: 15%
• LTCG u/s 112A: 10% or 20% as the case may be

In the case of company’s domestic companies other than those covered under 1, 2 & 3 where total turnover in PY 2018-19 does not exceed 400 crores, tax rates would be 25% and for companies other than those referred to above the tax rate would be 30%

The aforesaid rates exclude changes success. Taxcellent assists you in tax planning & advisory about opting for tax rates, and assistance in tax assessments & appeals. Taxcellent also helps you keep a check on expenses. 

•