♦ In case of Individuals, HUF, AOP, BOI, Artificial Judicial Person
The amount of Income Tax computed in accordance with the preceding provisions of this paragraph (including capital gains under section 111A, 112, and 112A), shall be increased by surcharge at the rate of –
1. Having a total income (including the income by way of dividend or income under the provisions of Section 111A, 112 or 112A of the Act) exceeding Rs 50 Lakhs but not exceeding Rs one crore, the surcharge at the rate of 10% of such income tax;
2. Having a total income (including the income by way of dividend or income under the provisions of Section 111A, 112 or 112A of the Act) exceeding Rs one crore but not exceeding Rs two crore, the surcharge at the rate of 15% of such income tax;
3. Having a total income (including the income by way of dividend or income under the provisions of Section 111A, 112 or 112A of the Act) exceeding Rs two crore but not exceeding Rs five crore, the surcharge at the rate of 25% of such income tax;
4. Having a total income (including the income by way of dividend or income under the provisions of Section 111A, 112 or 112A of the Act) exceeding Rs five crore, the surcharge at the rate of 37% of such income tax;
5. Having a total income (including the income by way of dividend or income under the provisions of Section 111A, 112 or 112A of the Act) exceeding Rs two crores but is not covered under clauses (3) and (4), the surcharge at the rate of 15% of such income tax shall be applicable:
The person whose income is chargeable to tax under Section 115BAC(1A) of the Act, the surcharge at the rate 37% of the income or aggregate of the income of such person (excluding the income by way of dividend or income under the provisions of Section 111A, 112 or 112A of the Act) exceeding Rs 5 crores shall not be applicable. In such cases surcharge shall be restricted to 25%. Further, in case of such persons, the surcharge on income chargeable to tax under Chapter XII or XII-A shall also be restricted to 25%
♦ Co-operative Societies
Surcharge rates on income tax with respect to Co-operative societies will continue to be the same as those specified for FY 2022-23
At the rate of 7% if the total income of a co-operative society exceeds one crore rupees but does not exceed Rs ten crore
At the rate of 12% if the total income of a co-operative society exceeds ten crore rupees.
♦ Firms
Surcharge rates on income tax with respect to firm will continue to be the same as those specified for FY 2022-23
At the rate of 12% if the total income of a firm exceeds one crore rupees.
♦ Local Authorities
Surcharge rates on income tax with respect to firm will continue to be the same as those specified for FY 2022-23
At the rate of 12% if the total income of a Local Authority
exceeds one crore rupees.
♦ Companies
The domestic companies who have opted for taxation under section 115BAA or section 115BAB. The tax rate is 15% in section 115BAB and 22% in section 115BAA.
In case of companies other than the domestic company, the rate of tax are the same as specified in FY 2022-23.
7% surcharge on domestic company (other than those companies opted for section 115BAA and 115BAB) if the total income exceeds one crore rupees but does not exceed ten crore rupees and surcharge at the rate of 12% if the total income exceeds Rs ten crores.
If companies are other than domestic company the surcharge at the rate of 2% if the total income exceeds one crore rupees but does not exceed ten crore rupees and
Surcharge at the rate of 5% if the total income exceeds Rs ten crores
In other cases including sub section 2A of section 92CE, 115QA,115R or 115TD the surcharge shall be levied at the rate of 12%.
Marginal relief is provided in surcharge in all cases.
TAX RATES:
Sec 115BA – Companies – 25% if the total income does not exceed Rs 400 crores and 30% if the total income exceeds Rs 400 crores
Sec 115BAA – Companies – 22%
Sec 115BAB – New Manufacturing Companies – 15%
Sec 115BAC – Individual / HUF
Up to Rs 3 lacs Nil,
3lacs to 6 lacs 5%,
6 lacs to 9 lacs 10%,
9 lacs to 12 lacs 15%,
12 lacs to 15 lacs 20%,
above 15 lacs 30%
Sec 115BAD – Co-operative Societies – 22Sec 115BAE –New Manufacturing Co-operative Societies – 15%
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