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Union Budget 2023 – Rationalization in Surcharge Rate for Individuals / HUF / AOP / BOI

Rationalization of Surcharge in Union Budget 2023
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In the Finance Bill 2023, the Surcharge for the Individuals or Hindu Undivided Family (HUF) or Association of Persons or Body of Individuals or an artificial juridical person, have been rationalized and for the A.Y. 2024-25 for exercising option under section 115BAC, the surcharge rates are as follows :-

Particulars %
Income exceeding Rs. 50 Lakhs but not exceeding Rs. 1 Crore 10%
Income exceeding Rs. 1 Crores but not exceeding Rs. 2 Crores 15%
Income exceeding Rs. 2 Crores 25%

 

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