Maximum Marginal Rate - Definition / Legal Terminology - Income Tax

As per clause (29C) of section 2 of the Income-tax Act, 1961 Maximum Marginal Rate means - the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an individual , association of persons or, as the case may be, body of individuals as specified in the Finance Act of the relevant year ;