In case of senior citizens
If income is 3,50,000 then no tax(tax exempt and relief u/s 87a
If income increase by 500..
Tax amount is 2525
In case whether marginal Relief concept is apply or not
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Marginal Relief
Replies (5)
Concept of marginal relief applies if we increase the tax by surcharge, right??? Correct me if I am wrong
Correct......
But here also my income increase by 1 Rs and my tax increase..
It is so wrong
It is so wrong
That is the difference between relief u/s. 87A and surcharge over certain income bracket.
Here, additional relief u/s. 87A is given only to the assessees with lower income bracket; otherwise the basic exemption limit would have been increased (but at the cost of tax revenue).
Well, There are other way to save that additional tax...... like donate Rs. 100/- and claim deduction u/s. 80G........
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