Tax payment - marginal relief

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chandra sekhar (Querist)
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21 May 2014 Anybody kindly clarify the following about Marginal relief with example.

The total amount payable as income tax and surcharge on total income exceeding 1 cr. but not exceeding 10 cr., shall not exceed the total amount payable as income tax on a total income of 1cr., by more than the amount of income that exceeds 1cr.

Rupesh Jain

Rupesh Jain (Expert)
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21 May 2014 if your income exceeds from rs.1.00 crore is Rs. 5000/- then your tax liability on income exceed rs. 1.00 crores not more than Rs. 5000/-
if your tax become suppose rs. 6000/- the you pay rs. 5000/- not Rse. 6000/-

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chandra sekhar

chandra sekhar (Querist)
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21 May 2014 Thanks sir, But still some doubt. Suppose my income is 1cr +1.10L kindly provide the entire tax ie basic +cess+ SHES+Surcharge details. Please

Rajagopalakrishnan R

Rajagopalakrishnan R (Expert)
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23 May 2014 In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-

1. Income Tax Rs. 28,30,300
2. Surcharge @10% of Income Tax Rs. 2,83,030
3. Income Tax on income of Rs. 1 crore Rs. 28,30,000
4. Maximum Surcharge payable
(Income over Rs. 1 crore less income tax on income over Rs. 1 crore) Rs. 700/- (1000 - 300)
5. Income Tax + Surcharge payable Rs. 28,31,000
6. Marginal Relief in Surcharge Rs. 2,82,330/- (2,83,030 - 700)

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