Surcharge on Income Tax AY 2023-24 for Individuals and Company

Surcharge is levied on the amount of income tax, if total income of an assessee exceeds specified limits. In India, an assessee needs to pay a surcharge on income tax if his income falls under the upper tax slab of 30% as per the Income Tax Act.

Surcharge on Income Tax for Individual/ HUF/ AOP

  1. Rs. 50 Lakhs to Rs. 1 Crore : 10%
  2. Rs. 1 Crore to Rs. 2 Crores: 15%
  3. Rs. 2 Crores to Rs. 5 Crores: 25%
  4. Exceeding Rs. 5 Crores: 37%

Surcharge on Income Tax for Domestic Company

  1. Rs. 1 Crore to Rs. 10 Crores: 7%
  2. Exceeding Rs. 10 Crores: 12%

Surcharge on Income Tax for Domestic Firm

  1. Exceeding Rs. 1 Crore: 12%

Health and Education Cess

Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.

Income Tax Rebate under section 87A

A resident individual taxpayer(whose total income is less than Rs 5 lakh after claiming deductions) can avail rebate under section 87A. Section 87A offers some relief to the taxpayers who fall under the tax slab of 10%.

The amount of rebate is 100% of income tax or Rs. 12,500, whichever is less. This rebate is deductible from income tax before calculating education cess.

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