Amount to be considered for Surcharge applicability

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Nilesh Jain (Querist)

30 May 2008 Hi,

For a salaried person if the income from salary is 11.5 lakh, loss due to interest for house property is 1 lakh and she has done 80C investment upto 1 lakh (i.e., taxable income is 11.5 -1-1=9.5).

Is she liable to surcharge applicable for income above Rs10 lakh?

Thanks in advacen for your resolution.

CA Anuj Garg

CA Anuj Garg (Expert)

30 May 2008 No, Sarcharge is applicable if the TAXABLE INCOME is above Rs 10 Lacs

Satish K Sekhar.ACCA

Satish K Sekhar.ACCA (Expert)

30 May 2008 Surcharge will come into play when an individual's TAXABLE INCOME crosses over Rs.10 Lac.

Taxable income constitutes amount on which income tax is payable,which would be the net amount after the deduction of all permissibale deductions.

I hope loss due to interest for house property will be the self occuppied house.

In your case taxable income doesnot crosses the threshold limit of Rs.10 lac and therefore not liable for the payment of surcharge

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