Rate of Surcharge in case of MMR

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..... 09-01-2022 An AOP assessable at Maximum Marginal Rate (MMR)was processed u/s 143(1) for Total Income of Rs. 94 Lakhs and tax was accordingly calculated correctly by the CPC. No dispute uptill here. However, while calculating Surcharge, it discarded the applicable Rate of Surcharge of 10% but instead applied the highest rate of Surcharge of 37% applicable for income beyond Rs. 5 Crore and work .....

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..... ed a demand for Rs. 9 Lakhs. As per Section 10(29C) 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. From the above definition it is not at .....

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..... clearly brought out that in every case of different level of income for which MMR is applicable, Surcharge will have to be necessarily charged at the highest rate of 37%. The citation 2001 (2) TMI 877 - ITAT HYDERABAD Other Citation: [2003] 1 SOT 579 (HYD.) INCOME-TAX OFFICER VERSUS TAYAL SALES CORPORATION No.- IT. APPEAL NO. 1783 (HYD.) OF 1996 Dated.- February 1, 2001, may perhaps help the .....

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..... Ld. Members in forming their expert opinion. Secondly, whether it is possible to file an Application for Rectification u/s 154 and an Appeal before the CIT(A) simultaneously against the said Intimation u/s 143(1) The opinion of the Ld. Members shall be highly appreciated. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = In my view charging @ the highest rate for income tax as well .....

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..... as surcharge is correct. You may file an appeal before the Commissioner of Income Tax (Appeals) and I hope no possibility of filing rectification application. - Rate of Surcharge in case of MMR - Query Started By: - LALIT MUNOYAT Dated:- 9-1-2023 Last Replied Date:- 12-12-2023 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinio .....

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..... n Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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