Calculation of tax payable
This query is : Resolved
19 February 2014
sir,
what is the right way to calculate income tax payable.
1. 1st calculate tax and add surcharge and education cess and then deduct rebate U/S 87A and relief U/S 89.
2. 2nd calculate tax and deduct rebate and relief under above sections and then add surcharge and education cess.
3. when in 1st case tax rebate in claimed it incuded surcharge and education cess also in the rebate or relief.
what is the right way to calculate income tax payable.
1. 1st calculate tax and add surcharge and education cess and then deduct rebate U/S 87A and relief U/S 89.
2. 2nd calculate tax and deduct rebate and relief under above sections and then add surcharge and education cess.
3. when in 1st case tax rebate in claimed it incuded surcharge and education cess also in the rebate or relief.
24 February 2014
no..you first need to claim the rebate then add education cess. with regards to surcharge, in cases where surcharge applies, you will anyways wont get 87A.
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