9911796707
TMI BlogWhat is surcharge and how it is computed?X X X X Extracts X X X X X X X X Extracts X X X X ..... xceeds Rs. 1 crore. Surcharge is levied @ 15% of income-tax where the total income of the taxpayer exceeds Rs. 1 crore but doesn't exceeds Rs. 2 crore.(*). Surcharge is levied @ 25% of income-tax where the total income of the taxpayer exceeds Rs. 2 crore but doesn't exceeds Rs. 5 crore(*). Surcharge is levied @ 37% of income-tax where the total income of the taxpayer exceeds Rs. 5 crore(*). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge is levied at 7% if total income exceeds Rs 1 crore but doesn't exceeds Rs. 10 crore and surcharge is levied at 12% if total income exceeds Rs 1 crore. In case where a co-operative society opted for the alternative tax regime under section 115BAD or 115BAE, the surcharge is levied at a rate of 10% on total income of Rs. 1 crore or more. In case of a domestic company surcharge is levied @ 7% on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oor is a doctor, his total income for the year amounted to Rs. 44,00,000. Will he be liable to pay surcharge, if yes, then how much? ** Surcharge is additional tax levied on the amount of income-tax. In case of individuals surcharge is levied @ 10% on the amount of income-tax where the total income of the taxpayer exceeds Rs. 50 lakh. In this case, total income of Mr. Kapoor is below Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
