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Union Budget 2023-24 + FINANCE Bill, 2023
Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2023-24 (Assessment Year 2024-25).
The rates for deduction of income-tax at source from “Salaries” or under section 194P of the Act during the FY 2023-24 and also for computation of “advance tax” payable during the said year in the case of all categories of assessee have been specified in Part III of the First Schedule to the Bill. These rates are also applicable for charging income-tax during the FY 2023-24 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non-residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc. There is no change in the tax rates from last year except for those whose income is chargeable to tax under sub-section (1A) of section 115BAC of the Act. The salient features of the rates specified in the said Part III as well as specific sections of the Act are indicated in the following paragraphs-
Full Text:
TDS on salaries: prescribed deduction rates and advance-tax computation clarified, with limited change for incomes under section 115BAC. Part III of the Finance Bill prescribes rates for TDS on salaries and the computation of advance tax for the fiscal year, and those rates also apply when charging tax in provisional or accelerated assessments. The schedules apply across categories of taxpayers-individuals, cooperatives, firms, local authorities and companies-and the overall rate structure remains unchanged except for incomes governed by the alternative optional tax regime; the Bill also notes the continuing framework for tax rebate entitlement. of Press 'Enter' after typing page number.
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