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Meaning of income for surcharge (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
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..??


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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