![]() The taxpayer opting for concessional rates in the New Tax regime will have to forgo certain exemptions and deductions available in the existing old tax regime. Additional Health and Education cess at the rate of 4% will be added to the income tax liability + surcharge in all cases.The surcharge rate for an Association of Persons (AOP) consisting entirely of companies will also be limited to 15%. From Assessment Year 2023-24, the maximum surcharge rate on tax payable for dividend income or capital gain mentioned in Section 112 will be 15%.Therefore, the highest surcharge rate on the tax payable for such incomes will be 15%. Surcharge rates of 25% or 37%, will not be applicable to the income which is taxable under sections 111A (Short Term Capital Gain on Shares), 112A (Long Term Capital Gain on Shares), and 115AD (Tax on income of Foreign Institutional Investors). ![]() * In Budget 2023, the highest surcharge rate of 37% has been reduced to 25% under the new tax regime. 37% of Income tax if total income > Rs.5 crore.25% of Income tax if total income > Rs.2 crore.15% of Income tax if total income > Rs.1 crore.10% of Income tax if total income > Rs.50 lakh.Surcharge: In case the income exceeds a certain threshold, surcharge will be applicable.*In Budget 2023, rebate under new regime has been increased and therefore, income upto Rs 7 lakh will be tax-free from FY 2023-24. ![]() tax liability will be NIL in both – New and old/existing tax regimes.
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