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Income Tax - Slabs

13 November 2023

Dear Sir,

How to Calculate Income Tax

What are the slabs (%) with remarks for the below Firms it will helpful..

Proprietorship Firm
LLP Firm
Private Limited company

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6 Replies

sabyasachi mukherjee (27465 Points)
Replied 13 November 2023

Pls post properly your requirement.

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USB Bhise (20 Points)
Replied 13 November 2023

Sir, on what basis does advance tax should be paid?how to calculate? their is any difference between Proprietorship firm & Private Limited company for advance tax payments

RAJA P M ("Do the Right Thing...!!!") (128085 Points)
Replied 13 November 2023

No more maximum difference between the said firms...
But, Proprietorship can be available basic exemption limit and Tax Slabs.
Other than Individual (proprietor) will pay 30 percentage tax (Companies can be avail 25% Tax rate as per applicable provisions).

Advance tax is based on profit...

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USB Bhise (20 Points)
Replied 13 November 2023

Thanks Sir ....

CA Aman Rajput (Chartered Accountant) (9260 Points)
Replied 15 November 2023

For the assessment year 2023-24

Proprietorship Firm- Slab rates

LLP Firm- flat 30%

private Limited Company- flat 30%. Additionally, a surcharge of 12% is applicable if the total income of the company exceeds Rs. 1 crore.

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Musrath Shaik (175 Points)
Replied 16 November 2023

he income tax rates and slabs for different types of business entities in India can vary. Tax slabs applicable to different types of business entities:

1. Proprietorship Firm:

Individual Tax Slabs:
- Up to Rs. 2.5 lakh: Nil
- Rs. 2,50,001 to Rs. 5,00,000: 5%
- Rs. 5,00,001 to Rs. 10,00,000: 20%
- Above Rs. 10,00,000: 30%
Surcharge and Health & Education Cess:
- Surcharge and health & education cess may be applicable based on the total income.

2. Limited Liability Partnership (LLP) Firm:

LLP Tax Rates:
- LLPs are taxed at the flat rate of 30% on their total income.
  For further more detailed information on this topic visit: Two tax slabs for services likely; Council is examining proposal
  
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