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  1. Tax Slabs for Partnership Firm / LLP for AY 2024-25. For the AY 2024-25, a Partnership Firm (including LLP) is taxable at 30%. Surcharge, Marginal Relief and Health & Education Cess.

  2. Apr 23, 2024 · Rs 12,50,001 - Rs 15,00,000. 25%. Rs 15,00,001 and above. 30%. * Tax rebate up to Rs.12,500 is applicable if the total income does not exceed Rs 5,00,000 (not applicable for NRIs) Refer to the above image for the rates applicable to FY 2023-24 (AY 2024-25) for the upcoming tax filing season. b.

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  4. Dec 10, 2023 · Below are tables displaying the Updated Income Tax Slabs for the current tax regime, which were introduced in the 2023 Budget. These tables pertain to the latest tax structure in India. Tax Slab. Rates. Up to ₹ 3,00,000. NIL. ₹ 300,000 to ₹ 6,00,000. 5% on income which exceeds ₹ 3,00,000. ₹ 6,00,000 to ₹ 900,000.

  5. a. Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-. Note: The enhanced surcharge of 25% or 37% is not levied, on income by way of dividend or from income chargeable to tax under sections 111A, 112, 112A and 115AD (1) (b).

  6. The Finance Act, 2020 has inserted a new Section 115BAD in Income-tax Act to provide an option to the co-operative societies to get taxed at the rate of 22% plus 10% surcharge and 4% cess. The resident co-operative societies have an option to opt for taxation under newly Section 115BAD of the Act w.e.f. Assessment Year 2021-22.

  7. Apr 8, 2024 · 25% of Income tax if total income is greater than Rs.2 crore but less than Rs.5 crore. 37% of Income tax if total income exceeds Rs.5 crore. It's worth noting that in Budget 2023, the highest surcharge rate of 37% was reduced to 25% under the new tax regime, effective from 1st April 2023.

  8. Jan 6, 2020 · Health and Education Cess – 4 % (on the amount of income tax and surcharge) Alternative Minimum TaxTax payable by firm can’t be less than 9% (Plus Cess) of adjusted total income as per Sec. 115 JC. 4. Tax Payment method for Partnership Firms and LLP’s.

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