Surcharge on income above 50 lac
This query is : Resolved
09 January 2025
Dear Experts,
If the assessee has income of 52 lakhs from Salary and other income and 3 lakh Short Term Capital Loss during the FY 2025, total income comes to 49 lacs though he will be paying tax on 52 lakh and carry forward loss to be setoff against capital gain in future. Is he liable to pay surcharge @ 10% on total tax payable?
This is for academic purpose.
Thanks in advance.
If the assessee has income of 52 lakhs from Salary and other income and 3 lakh Short Term Capital Loss during the FY 2025, total income comes to 49 lacs though he will be paying tax on 52 lakh and carry forward loss to be setoff against capital gain in future. Is he liable to pay surcharge @ 10% on total tax payable?
This is for academic purpose.
Thanks in advance.
Dhirajlal Rambhia
(Expert)
09 January 2025
The surcharge is calculated on the total tax payable, not on the total income. Since the total income before considering the STCL is ₹52 lakhs, which exceeds the threshold, the assessee will be liable to pay surcharge on the total tax payable.
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