Marginal Relief on surcharge
This query is : Resolved
CA. Savitha vijayan
(Querist)
18 December 2010
hi friends ,
can any one tell me in detail the provision of Marginal relief on SC.
what would be surcharge for the A.Y 2008-09
when,
LTCG = 901982
Total income excl LTCG = 99230
i did the computation usin a tax computation software and the SC comes to 'Rs.847'.
Pls reply at the earliest
Thanx n advance:)
can any one tell me in detail the provision of Marginal relief on SC.
what would be surcharge for the A.Y 2008-09
when,
LTCG = 901982
Total income excl LTCG = 99230
i did the computation usin a tax computation software and the SC comes to 'Rs.847'.
Pls reply at the earliest
Thanx n advance:)
CA Ayush Agarwal
(Expert)
18 December 2010
Marginal Relief Means Suppose if UR paying Tax on 998000/- Rs. Say IT 100000/-
and After That If Income Increase to Say 1020000/- Then U Paying 123000/- as Income Tax Including Surcharge.
Then Max Levy of Income Tax Can Be 22000/- That is Difference of ( 1020000-998000).and so on.& Rs. 1000 is Marginal Relief.
But in UR Case Question seem Incomplete as Which Long Term Gain is There Whether @10% or 20%.
and After That If Income Increase to Say 1020000/- Then U Paying 123000/- as Income Tax Including Surcharge.
Then Max Levy of Income Tax Can Be 22000/- That is Difference of ( 1020000-998000).and so on.& Rs. 1000 is Marginal Relief.
But in UR Case Question seem Incomplete as Which Long Term Gain is There Whether @10% or 20%.
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