Normal Income Tax Slabs/ Rates for NRIs, HUFs, AOP, BOI, AJP (AY 2023-24)

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 Slabs/ Rates for NRIs, HUFs, AOP, BOI, AJP (AY 2023-24)

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 SlabsIncome Tax Rates
Up to Rs 2.5 LacsNil
Above Rs 2.5 lacs but up to Rs 5 lacs5%
Above Rs 5 lacs but up to Rs 10 lacs20% plus Rs 12,500
Above Rs 10 lacs30% 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.

Surcharge Rates

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.

Related Posts: >> Finance Act, 2022 >> Finance Act, 2023 >>

Income Tax Slabs/ Rates:Income Tax Cess, Surcharge & Rebate
Resident Individuals (Old Regime)Education Cess Rates
NRIs/ HUFs/ AOP/ BOI/ AJP (Old Regime)Surcharge Rates
Individuals/ HUFs/ AOPs/ BOIs/ AJPs (New Regime)Marginal Relief from Surcharge
Partnership Firms and LLPsRebate u/s 87A for Individuals
Domestic CompaniesAlternate Minimum Tax (AMT)
Foreign Companies 
Co-operative Societies 
Local Authorities 


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