Tax Rates for Business Individual and AOP for Tax Year 2024
These
rates, as passed by Finance Bill 2023, will go into effect on July 1, 2023, and
will be relevant for the tax year 2024. The following are the updated tax rates
for Business Individual and AOP.
Tax Rates for Business
Individual / AOP (Non-Salaried)
|
S.
No. |
Taxable
Income |
Rate
of Tax |
|
1 |
Where taxable income does not exceed
Rs. 600,000 |
0 |
|
2 |
Where
taxable income exceeds Rs. 600,000 but does not exceed Rs. 800,000 |
7.5% of
the amount exceeding Rs. 600,000 |
|
3 |
Where taxable income exceeds Rs. 800,000
but does not exceed Rs. 1,200,000 |
Rs. 15,000/- + 15% of the amount
exceeding Rs. 800,000 |
|
4 |
Where
taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000 |
Rs.
75,000/- + 20% of the amount exceeding Rs. 1,200,000 |
|
5 |
Where taxable income exceeds Rs.
2,400,000 but does not exceed Rs. 3,000,000 |
Rs. 315,000/- + 25% of the amount
exceeding Rs. 2,400,000 |
|
6 |
Where
taxable income exceeds Rs. 3,000,000 but does not exceed Rs. 4,000,000 |
Rs.
465,000/- + 30% of the amount exceeding Rs. 3,000,000 |
|
7 |
Where taxable income exceeds Rs.
4,000,000 |
Rs. 765,000/- + 35% of the amount
exceeding Rs. 4,000,000 |
The following tax rates are applicable for the
Tax Year 2023
Tax Rates for Individual / AOP (Non-Salaried)
|
S.
No. |
Taxable
Income |
Rate
of Tax |
|
1 |
Where taxable income does not exceed Rs. 600,000 |
0 |
|
2 |
Where taxable income exceeds Rs. 600,000 but does
not exceed Rs. 800,000 |
5% of the amount exceeding Rs. 600,000 |
|
3 |
Where taxable income exceeds Rs. 800,000 but does
not exceed Rs. 1,200,000 |
Rs. 10,000/- + 12.5% of the amount
exceeding Rs. 800,000 |
|
4 |
Where taxable income exceeds Rs. 1,200,000 but
does not exceed Rs. 2,400,000 |
Rs. 60,000/- + 17.5% of the amount
exceeding Rs. 1,200,000 |
|
5 |
Where taxable income exceeds Rs. 2,400,000 but
does not exceed Rs. 3,000,000 |
Rs. 270,000/- + 22.5% of the amount
exceeding Rs. 2,400,000 |
|
6 |
Where taxable income exceeds Rs. 3,000,000 but
does not exceed Rs. 4,000,000 |
Rs. 405,000/- + 27.5% of the amount exceeding Rs.
3,000,000 |
|
7 |
Where taxable income exceeds Rs. 4,000,000 but
does not exceed Rs. 6,000,000 |
Rs. 680,000/- + 32.5% of the amount
exceeding Rs. 4,000,000 |
|
8 |
Where taxable income exceeds Rs. 6,000,000 |
Rs. 1,330,000/- + 35% of the amount
exceeding Rs. 6,000,000 |
