Surcharge on income tax
This query is : Resolved
Hitendra Jain
(Querist)
25 August 2011
I am reproducing the subsection 4 of section 2 of Finance Act 2011:
(4) In cases in which tax has to be charged and paid under section 115-o or sub-section (2) of section 115R of the Income-tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the Union, calculated at the rate of five per cent of such tax.
My query is that whether this surcharge will be applicable irrespective of total income of the company (1 crore or higher),Status (closely held or public substantially interested) or any other condition
(4) In cases in which tax has to be charged and paid under section 115-o or sub-section (2) of section 115R of the Income-tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the Union, calculated at the rate of five per cent of such tax.
My query is that whether this surcharge will be applicable irrespective of total income of the company (1 crore or higher),Status (closely held or public substantially interested) or any other condition
CA. Anoop Gadia
(Expert)
25 August 2011
surcharge always calculated above 1 crore gross income
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