![]() However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees). ( a) Surcharge :The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. Note 2: The option to pay tax at lower rates shall be available only if the total income of assessee is computed without claiming specified exemptions or deductions:įor the Assessment Year 2023-24, a partnership firm (including LLP) is taxable at 30%. The amount of rebate is 100 per cent of income-tax or Rs. It is deductible from income-tax before calculating education cess. 5,00,000) can avail rebate under section 87A. Note 1: A resident individual (whose net income does not exceed Rs. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. Note: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112, 112A and 115AD. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:- Range of Income The Finance Act, 2020, has provided an option to Individuals and HUF for payment of taxes at the following reduced rates from Assessment Year 2021-22 and onwards: Total Income (Rs)Ī. Note: A resident individual (whose net income does not exceed Rs. Health and Education Cess : Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge. 5 crore by more than the amount of income that exceeds Rs. 5 crore, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. ![]() 2 crore by more than the amount of income that exceeds Rs. ![]() 1 crore by more than the amount of income that exceeds Rs. 2 crore, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs. However, marginal relief is available from surcharge in following manner. O The surcharge rate for AOP with all members as a company, shall be capped at 15%. O The maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 112, shall be 15%. (1) The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112A and 115AD. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:- Rate of Surcharge Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person)Ī. (who is 80 years or more at any time during the previous year) (who is 60 years or more at any time during the previous year) (Other than senior and super senior citizen) In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Individuals
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