14 March 2008
One of my friend calculated tax payable. i want to ask education cess should be calculated on net tax payable + surcharge or only on tax payable.
14 March 2008
actually education cess is calculated on net tax payable i.e if surcharge is there include surcharge in net tax payable & calculate education cess
or otherwise calculte education cess only on tax payable
In both the above mentioned cases, the surcharge & education cess is calculated only after deducting advance tax
if TDS is there we should not do as i above mentioned for advance tax.
14 March 2008
BASIC EDU. CESS AND HR.EDU.CESS TOTAL OF 3% IS CALCULATED ON NET TAX PAYABLE AFTER ADDING SURCHARGE (IF APPLICABLE) TO THE TAX AND AFTER DEDUCTING TAXES ALREADY PAID. R.V.RAO
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