Surcharge on income tax

This query is : Resolved

Bijender (Querist)
Follow

20 July 2013 Dear all,

Please tell me that when will the surcharge will applicable on income tax & what is the method of calculation of it.

Thanks in advance.

Rupesh Jain

Rupesh Jain (Expert)
Follow

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

Message likes : 1 times

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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%.

Message likes : 1 times

Bijender

Bijender (Querist)
Follow

22 July 2013 Dear sir,

Please tell me that the limit 1 crore, ten crore are as taxable income or net income

thanks in advance.

Rupesh Jain

Rupesh Jain (Expert)
Follow

22 July 2013 i crore is limit of taxable amount

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

nilesh

NITHIN GEORGE

N.VENKATARAMAN

Rajat Khandelwal

PIYUSHBHAIPOPAT

Subscribe Now

Surcharge on income tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANCY

GST CONSULTANT

Accountant

Senior Executive

Manager- Finance and Compliance