New Income Tax Rates for Businessmen, AOPs
The income tax rate for individuals and associations of persons (AOPs) has raised as a result of the Finance Bill 2023 amendment.
According to the updated tax slabs for individuals and AOPs, the tax rate is 7.5% of taxable income that is above Rs. 600,000 but does not exceed Rs. 800,000.
The tax rate in cases where the taxable income exceeds Rs. 800,000 but falls below Rs. 1,200,000 is Rs. 15,000 plus 15% of the amount that exceeds Rs. 800,000.
Read More: New Income Tax Rates for Salaried Class
The rate of tax would be Rs. 75,000 + 20% of the amount above Rs. 1,200,000 under the next slab, where the taxable income is greater than Rs. 1,200,000 but not more than Rs. 2,400,000.
The tax rate would be Rs. 315,000 + 25% of the amount over Rs. 2,400,000 when the taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,000,000.
The tax rate under the new slab would be Rs. 465,000 + 30% of the amount over Rs. 3,000,000 where taxable income exceeds Rs. 3,000,000 but does not exceed Rs. 4,000,000.
In cases where the taxable income exceeds Rs. 4,000,000, the tax rate is Rs. 765,000 plus 35 percent of the excess.
| Sr # | 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 new tax rates for salaried individuals for the next fiscal year can be viewed here.
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