Income Tax Slabs for Companies AY 2023-24
September 25, 2023
Tax Rates for Domestic Companies
Income Tax Act allows a domestic company to select from the below mentioned taxation regime subject to fulfillment of certain conditions.
| Section | Conditions | Tax Rates |
|---|---|---|
| Section 115BA |
The company is set up on after March 1, 2016 The company is engaged in manufacturing or production The company does not claim specified exemptions, incentives or deductions |
25% |
| Section 115BAB |
The company is setup and registered on or after October 1, 2019 The company is engaged in manufacturing or production It commences the manufacturing process on or after 01/10/2019 but on or before 31/03/2024 The company does not claim specified exemptions, incentives or deductions |
15% - Income from manufacturing activities and short-term capital gain from the depreciable asset. 22% - Income from non-manufacturing activities and short-term capital gain from non-depreciable asset |
| Section 115BAA | The company does not claim specified exemptions, incentives or deductions | 22% |
| First Schedule to Finance Act 2010 | If the total turnover or gross receipts of the company during the fiscal year 2021-2022 does not exceed ₹400 Crores | 25% |
| Any other domestic firm | 30% |
Tax Rates for Foreign Companies
A foreign company is liable to pay income tax at 40% of the average taxable income
Note: Above details are meant for generalized situations and shall not be used as a legal basis for any particular situation readers may have. We do provide tax consultations for specific scenarios and can be reached through our contact us form.
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