Income tax rates/slabs applicable for NRIs, HUFs, AOPs, BOIs, and AJPs, in respect of AY 2023-24, along with rates of surcharge, HEC, AMT, etc. under the old regime, are as follows:
Income Tax Rates
The income tax rates/slabs applicable for Non-resident Indian Individuals (NRIs) of all age groups (including senior/super-senior citizens), HUFs, AOPs, BOIs, and AJPs, in respect of AY 2023-24:
|Income Slabs||Income Tax Rates|
|Up to Rs 2.5 Lacs||Nil|
|Above Rs 2.5 lacs but up to Rs 5 lacs||5%|
|Above Rs 5 lacs but up to Rs 10 lacs||20% plus Rs 12,500|
|Above Rs 10 lacs||30% plus Rs 112,500|
Special Tax Rates for Specified Incomes
It may be noted that the above rates are normal tax rates. However, in the case of special incomes like long-term capital gains, winnings from lotteries, etc., special rates of income tax are applicable.
A surcharge of 10%, 15%, 25%, or 37% is applicable in cases where total income exceeds Rs 50 lacs, Rs 1 crore, Rs 2 crore, or Rs 5 crore respectively, subject to provisions relating to marginal relief, shall be applicable, subject to:
i) The surcharge rates of 25% & 37% shall not be used in the case of dividend income or income chargeable to tax under sections 111A, 112, 112A and 115AD(1)(b), where the maximum rate of surcharge shall remain capped at 15%.
ii) The surcharge rate in the case of an AOP with all members as a company, shall be capped at 15%.
Health & Education Cess (HEC) Rates
Health and Education Cess is 4% in all cases.
Alternate Minimum Tax (AMT)
In the case of non-corporate taxpayers under the provisions of the Alternate Minimum Tax (AMT), the minimum tax payable shall be 18.5% (+HEC) of “adjusted total income” computed u/s 115JC, except in the case of units located in an IFSC deriving income solely in convertible foreign exchange, which shall be subjected to the AMT u/s 115JF at the rate of 9% only.