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Meaning of income for surcharge

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2012 As per income tax act surcharge is leviable on domestic companies having income more then 1 crore ..what is meaning of income here its turnover or its profit..??
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
29 July 2012 Income means taxable income (profit) as computed under the provisions of the Income Tax Act.

It does NOT mean turnover.
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