Microlesson · 5-min read

Tax Rates for Firm, Local Authority, Company and Co-operative Society

## Tax Rates for Other Persons (Old Regime)

### Firm / Local Authority

### Company

(a) Domestic Company (Indian Company registered under Indian Companies Act)

Turnover / Gross Receipts in F.Y. 2023-24	Tax Rate
Upto ₹ 400 crores	25%
Above ₹ 400 crores	30%

(b) Foreign Company (other than domestic company) → 35%

### Co-operative Society — Slab Rates

### Key Notes

The 25% concessional rate for domestic companies depends on the turnover of F.Y. 2023-24 (not the current P.Y.).
Firms include LLPs.
A Co-operative Society can alternatively opt for concessional rates u/s 115BAD or 115BAE.

Worked example

### Example 1

Example — Domestic Company Rate

ABC Ltd. (Indian company) had turnover of ₹380 crores in F.Y. 2023-24.

If turnover in F.Y. 2023-24 was ₹450 crores → Tax Rate = 30%.

Using the current P.Y. turnover to determine the 25% vs 30% rate for domestic companies — it is the F.Y. 2023-24 turnover that decides this.
Treating LLP as a company — LLPs are taxed as 'firms' at a flat 30%.
Applying Individual slabs to a co-operative society — co-operative societies have their own slab system.

Reference: — Finance Act, 2025 - First Schedule

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