Domiyance Finance Consultancy LLP

Income Tax Return (ITR)

For income made in Financial Year 2022-23, the last date to file an ITR (Income Tax Return) will be 31st July. The new Assessment Year 2023-24 already started on April 1. Generally, the due date of filing Income Tax Return is July 31. It is expected that the same date will be the last date for filing tax returns this year. We offer 100% online CA-assisted ITR Filing service in India. Filing of taxes within the due date is necessary to save yourself from unnecessary burden in the form of penalties. Contact us for individual or business ITR.

CA Assisted Tax Filing Plans By Domiyance

Dedicated Relationship

Manager

100% Transparent and

Accurate Tax Computation

Online process and Live Track of the progress

Advisory Consultation with CA

Pricing for Individual ITR returns

Salary or Rental Income

₹ 749/-

  • Salary
  • Rent from House Property
  • Bank/FD Interest
  • Does not include Business Income

Capital Gain & Other Sources

₹ 2,499/-

  • Capital Gain from Mutual Fund or Stock
  • Capital Gain on sale of property.
  • Gift Cases
  • Other Sources

Foreign Income Included

₹ 4,499/-

  • Income earned out of India
  • NRI or NRO cases
  • DTAA Guidance

Consultants & FreeLancers

₹ 2,499/-

  • Salary
  • Rent from House Property
  • Bank/FD Interest
  • Does not include Business Income

Small Service Providers

₹ 3,499/-

  • Capital Gain from Mutual Fund or Stock
  • Capital Gain on sale of property.
  • Gift Cases
  • Other Sources

Small Traders

₹ 6,999/-

  • Income earned out of India
  • NRI or NRO cases
  • DTAA Guidance

Income Tax Slab Financial Year 2023-24 (AY 2024-25)

The tables below demonstrate the Revised Income Tax Slabs, which have replaced the previous tax system.

Tax Slab

Rates

Rs. 3,00,000 and under Rs. 3,00,000

No tax

Rs. 300,000 to Rs. 6,00,000

5% on income above Rs. 3,00,000

Rs. 6,00,000 to Rs. 900,000

Rs 15,000 + 10% on income above Rs 6,00,000

Rs. 9,00,000 to Rs. 12,00,000

Rs 45,000 + 15% on income above Rs 9,00,000

Rs. 12,00,000 to Rs. 1500,000

Rs 90,000 + 20% on income above Rs 12,00,000

Above Rs. 15,00,000

Rs 150,000 + 30% on income above Rs 15,00,000

Income Tax Slab for People Between 60 to 80 Years is different from the tax imposed as mentioned in the above table.

Tax Slabs

Rates

Rs. 3 lakhs

NIL

Rs. 3 lakhs to Rs. 5 lakhs

5.00%

Rs. 5 lakhs to Rs. 10 lakhs

20.00%

Rs. 10 lakhs and above

30.00%

 

Income Tax Slab for senior citizens (who are above 80 Years of age)

Tax Slabs

Rates

Up to Rs. 5 lakhs

NIL

Rs. 5 lakhs to Rs. 10 lakhs

20.00%

Above Rs. 10 lakhs

30.00%

Tax Slabs for Domestic Companies

Particulars

Old Tax Rates

New Tax Rates

Company that opts for section 115BAB and is registered on or after October 1, 2019 and has started its operations since 31st March 2023

15%

Company opting for Section 115BAA. Their income is calculated without any deductions.

22%

Company opts for section 115BA registered on or after March 1, 2016, and manufactures any article without deduction.

25%

Where a company’s Turnover is less than Rs. 400 crores in the previous year

25%

25%

Any Domestic Company other than the above.

30%

30%

  • A 7% surcharge is paid when a company’s taxable income surpasses Rs. 1 crore.
  • If your total income exceeds Rs.10 crores, the income tax rate that you would be subject to is 12%.
  • Domestic companies that make the appropriate election under Sections 115BAA and 115BAB are subject to an income tax rate of 10%.
  • Added Health and Education Cess Rate – 4% s Income Tax Rate for Partnership Firms and Limited Liability Partnerships Under the Old/New Regime.
  • A partnership or an LLP is subject to a tax rate of thirty percent.
  • A 12% surcharge is applied to incomes above Rs. 1 crore.
  • The Health and Education Cess Rate is 4% under the New Income Tax System.

The tax rates for individuals and HUFs

Slab

New Tax Regime

(till 31st March 2023)

New Tax Regime

(From 1st April 2023)

Up to Rs. 2,50,000

NIL

NIL

Rs. 2,50,000 – Rs. 3,00,000

5%

NIL

Rs. 3,00,000 – Rs. 5,00,000

5%

5%

Rs. 5,00,000 -Rs. 6,00,000

10%

5%

Rs. 6,00,000 -Rs. 7,50,000

10%

10%

Rs. 7,50,000 -Rs. 9,00,000

15%

10%

Rs. 9,00,000 -Rs. 10,00,000

15%

15%

Rs. 10,00,000 – Rs. 12,00,000

20%

15%

Rs. 12,00,000 – Rs. 12,50,000

20%

20%

Rs. 12,50,000 – Rs. 15,00,000

25%

20%

Above Rs. 15,00,000

30%

30%

Surcharge:

Surcharges are applied in accordance with the tax rates shown below for each of the following categories:

  • If your annual income is more than Rs. 50 lakhs, you would be required to pay an additional income tax of 10%.
  • You must pay income tax at a rate of 15% if your total income exceeds Rs. 1 crore.
  • If you have an annual income that is more than Rs.2 crore, you will be subject to an income tax that is 25% higher than the standard rate.
  • If your total income reaches Rs.5 crore, you must pay 37% income tax.

Under the New Tax Regime, the maximum surcharge rate, which was 37% in the Budget for 2023, has been decreased to 25%.