New income slab

 n this part you can gain knowledge about the normal tax rates applicable to different taxpayers.

For special tax rates applicable to special incomes like long term capital gains, winnings from

lottery, etc. refer “Tax Rates” under “Tax Charts & Tables”.

Normal tax rates for Individual & HUF:

The normal tax rates applicable to a resident individual will depend on the age of the individual.

However, in case of a non-resident individual the tax rates will be the same irrespective of his age.

For the purpose of ascertainment of the applicable tax slab, an individual can be classified as

follows:

Resident individual below the age of 60 years.

Resident individual of the age of 60 years or above at any time during the year but below

the age of 80 years.

Resident individual of the age of 80 years or above at any time during the year.

Non-resident individual irrespective of the age.

Individuals

(Other than senior and super senior citizen)

Net Income Range Rate of Income-tax

Assessment Year 2023-24 Assessment Year 2022-23

Up to Rs. 2,50,000 - -

Rs. 2,50,000 to Rs. 5,00,000 5% 5%

Rs. 5,00,000 to Rs. 10,00,000 20% 20%

Above Rs. 10,00,000 30% 30%

Senior Citizen

(who is 60 years or more at any time during the previous year)

Net Income Range Rate of Income-tax

Assessment Year 2023-24 Assessment Year 2022-23

Up to Rs. 3,00,000 - -

Rs. 3,00,000 to Rs. 5,00,000 5% 5%

Rs. 5,00,000 to Rs. 10,00,000 20% 20%

Above Rs. 10,00,000 30% 30%

Super Senior Citizen

(who is

Year 2023-24 Assessment Year 2022-23

Up to Rs. 5,00,000 - -

Rs. 5,00,000 to Rs. 10,00,000 20% 20%

Above Rs. 10,00,000 30% 30%

Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person)

Net Income Range Rate of Income-tax

Assessment Year 2023-24 Assessment Year 2022-23

Up to Rs. 2,50,000 - -

Rs. 2,50,000 to Rs. 5,00,000 5% 5%

Rs. 5,00,000 to Rs. 10,00,000 20% 20%

Above Rs. 10,00,000 30% 30%

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

Assessment Year 2023-24 Assessment Year 2022-23

Range of Income Range of Income

Rs. 50

Lakhs to

Rs. 1

Crore

Rs. 1

Crore 

toRs. 2

Crores

Rs. 2

Crores

to Rs. 5

Crores

Rs. 5

crore

s to 

Rs.10

Crores

Exceedin

g Rs. 10

Crores

Rs. 50

Lakhs to

Rs. 1

Crore

Rs. 1

Crore 

toRs. 2

Crores

Rs. 2

Crores

to Rs. 5

Crores

Rs. 5

crore

s to 

Rs.10

Crores

Exceedin

g Rs. 10

Crores

10% 15% 25% 37% 37% 10% 15% 25% 37% 37%

Note:

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. Hence, the maximum rate of 

surcharge on tax payable on such incomes shall be 15%.

2) From Assessment Year 2023-24 onwards:

o The maximum rate of surcharge on tax payable on dividend income or capital gain 

referred to in Section 112, shall be 15%. 

o The surcharge rate for AOP with all members as a company, shall be capped at 15%.

However, marginal relief is available from surcharge in following manner-

a) in case where net income exceeds Rs. 50 lakh but doesn’t exceed 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.

b) in case where net income exceeds Rs. 1 crore but doesn’t exceed 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 by more than the amount of income that exce