Surcharge on income tax

This query is : Resolved 
 

(Querist) 20 July 2013

Dear all,

Please tell me that when will the surcharge will applicable on income tax & what is the method of calculation of it.


Thanks in advance.


Rupesh Jain (Expert) 20 July 2013

AT PRESENT ON INDIVIDAUAL IF HIS TAXABLE INCOME EXCEEDS RS. 1 CRORES
CALCULATE TAX ON INCOME RS. 1 CRORES +10 % OF TAX ON RS. 1 CRORES INCOME AND AFTER BOTH ADDITION 3% EDUCATION CESS WILL BE CALCULATE

B.Chackrapani Warrier (Expert) 20 July 2013

For the assessment year 2014-15 , for non-corporate assessees,surcharge on income tax has to be paid @ 10% of income tax if the income exceeds Rs. One crore.

For corporates @ 5% if income is in between Rs one and Ten crores and 10% if income exceeds Ten crores.

For foreign corporates the rates are 2% instead of 5% and 5% instead of 10%.

Bijender (Querist) 22 July 2013

Dear sir,

Please tell me that the limit 1 crore, ten crore are as taxable income or net income

thanks in advance.

Rupesh Jain (Expert) 22 July 2013

i crore is limit of taxable amount



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