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Meaning of income for the purpose of surcharge
For A.Y. 2005-06 an individual whose total income exceeds 8.5 lcas is liable to pay surcharge.
There is an assessee whose Gross Total Income is above 8.5 lacs but Net Income after deductions under Chapter VI falls below the said limit.
Is surcharge applicable in his case?
Replies (1)
surcharge is applicable when net taxable income is above limits prescribed. in your case, net taxable income is below the limit and hence surcharge is not applicable.
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