Individual, HUF, association of persons, body of individuals, artificial juridical person. [Rates for deduction of income-tax at source (TDS) from “Salaries”, computation of “advance tax” during the FY 2024-25 (Assessment Year 2025-26)]
24 July, 2024
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Concessional tax regime rates set with graduated slabs and capped surcharge for high income taxpayers under new proposal. A concessional tax regime under proposed clause (ii) of sub section (1A) of section 115BAC will apply to individuals, HUFs, AOPs, BOIs and certain ... Summary
Concessional tax regime rates set with graduated slabs and capped surcharge for high income taxpayers under new proposal.
A concessional tax regime under proposed clause (ii) of sub section (1A) of section 115BAC will apply to individuals, HUFs, AOPs, BOIs and certain artificial juridical persons from assessment year 2025 26, prescribing graded tax rates by income band; an opt out under sub section (6) of section 115BAC makes Part III of the First Schedule applicable. Part III also provides age based higher exempt thresholds for resident senior and super senior citizens and includes capital gains under sections 111A, 112 and 112A in taxable income. Surcharge rates rise with income but are subject to caps, specific restrictions for dividend and specified incomes, limits for associations of companies, a reduced cap for persons under sub section (1A) of section 115BAC, and marginal relief at thresholds.
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