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

Tax Slabs for Domestic Companies

• 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

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%.