anybody please explain computation of marginal relief.
ex. total income Rs.60 lakhs
Steps for calculating marginal relief:
1. Tax payable incl. surcharge on total income of 60 lakh
2. Tax payable on total income of 50 lakh
3. Excess tax payable (1-2)
4. Marginal Relief = 3 - Excess income above 50 lakh (i.e. 10 lakh)
5. Tax payable = 1-4
6.Tax liability =5 +health & ed cess
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