20 July 2013
AT PRESENT ON INDIVIDAUAL IF HIS TAXABLE INCOME EXCEEDS RS. 1 CRORES CALCULATE TAX ON INCOME RS. 1 CRORES +10 % OF TAX ON RS. 1 CRORES INCOME AND AFTER BOTH ADDITION 3% EDUCATION CESS WILL BE CALCULATE
20 July 2013
For the assessment year 2014-15 , for non-corporate assessees,surcharge on income tax has to be paid @ 10% of income tax if the income exceeds Rs. One crore.
For corporates @ 5% if income is in between Rs one and Ten crores and 10% if income exceeds Ten crores.
For foreign corporates the rates are 2% instead of 5% and 5% instead of 10%.
CAclubindia
