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TMI BlogRATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals]X X X X Extracts X X X X X X X X Extracts X X X X ..... urce from Salaries and charging of tax payable in certain cases for the assessment year 2023-24 would now become part I of the first schedule. Part III would now apply for the assessment year 2024-25. (1) Tax rates under section 115BAC- On satisfaction of certain conditions, as per the provisions of section 115BAC of the Act, an individual or HUF, from assessment year 2021-22 to assessment year 2023-24, has the option to pay tax in respect of the total income at following rates: Total Income (Rs) Rate Up to 2,50,000 Nil From 2,50,001 to 5,00,000 5% From 5,00,001 to 7,50,000 10% From 7,50,001 to 10,00,000 15% From 10,00,001 to 12,50,000 20% From 12,50,001 to 15,00,000 25% Above 15,00,000 30% 2. With effect from assessment year 2024-25, it is proposed that the following rates provided under the proposed sub-section (1A) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e income chargeable to tax under sub-section (1A) of section 115BAC. 4. If an option is exercised under sub-section (6) of section 115BAC, then nothing contained in sub-section (1A) of section 115BAC shall apply in respect of such person. The option is required to be exercised, - (i) on or before the due date specified under sub-section (1) of section 139 of the Act for furnishing the return of income for such assessment year, in case of a person having income from business or profession, and such option once exercised shall apply to subsequent assessment years; or (ii) along with the return of income to be furnished under sub-section (1) of section 139 of the Act for such assessment year, in case of a person not having income referred to in clause (i) 5. A person having income from business or profession who has exercised the above option of shifting out of the regime provided under the proposed sub-section (1A) of section 115BAC shall be able to exercise the option of opting back to the regime under proposed sub- section (1A) of section 115BAC only once. However, a person not having income from business or profession shall be able to exercise this option every year. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act, subject to fulfilment of certain conditions. 2. Under proposed new section 115BAE of the Act, a new manufacturing co-operative society set up on or after 01.04.2023, which commences manufacturing or production on or before 31.03.2024 and does not avail of any specified incentive or deductions, may opt to pay tax at a concessional rate of 15% for assessment year 2024-25 onwards. Surcharge would be at 10% on such tax. (3) Tax rates under Part I of the first schedule applicable for the assessment year 2023-24 A. Individual, HUF, association of persons, body of individuals, artificial juridical person. Paragraph A of Part-I of First Schedule to the Bill provides following rates of income- tax:- (i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or HUF or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act (not being a case to which any other Paragraph of Part III applies) are as under:- Up to Rs. 2,50,000 Nil. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arge for the purposes of the Union,- (a) in the case of every individual or HUF or association of persons, except in a case of an association of persons consisting of only companies as its members, or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act, including an individual or HUF exercising option under section 115BAC, not having any income under section 115AD of the Act,- (i) having a total income (including the income by way of dividend or income under the provisions of section 111A,112 and 112A of the Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income- tax; and (ii) having a total income (including the income by way of dividend or income under the provisions of section 111A, 112 and 112A of the Act) exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (iii) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, 112 and 112A of the Act) exceeding two crore rupees but not exceeding f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nature referred to in clause (b) of sub-section (1) of section 115AD of the Act] exceeding two crore rupees but is not covered in sub-clauses (iii) and (iv), at the rate of fifteen per cent. of such income-tax: 1.3 It is further provided that in case where the total income includes any income by way of dividend or income chargeable under clause (b) of sub-section (1) of section 115AD of the Act, the rate of surcharge on the income-tax calculated on that part of income shall not exceed fifteen percent; (c) in the case of an association of persons consisting of only companies as its members, calculated,- (i) at the rate of 10% of such income-tax, where the total income exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of 15% of such income-tax, where the total income exceeds one crore rupees; (d) in the case of every co-operative society (except resident co-operative society opting under section 115BAD)- (i) at the rate of 7% of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of 12% of such income-tax, where the total income exceeds ten crore rupees; (e) in t ..... 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