I am looking at accounts for a very lucky individual 
. Had a query regarding the same. My query is based on https://www.charteredclub.com/surcharge-on-income-tax/
The Facts:
This individual runs 2 businesses.
1 - A Proprietorship Firm : He is the proprietor. His income is Rs. 80 Lacs. (Pre-Tax)
2 - A Partnership Co : He is a 50% partner. The income of the firm pre tax is Rs. 90 Lacs. Post Tax - Approx 62.1 Lacs. His share - Approx 31 Lacs.
3 - For the purpose of this query, we will assume we have no deductions - 80C Etc.
So his total income is 80 Lacs + 31 lacs - 1.11 Crore
The Query:
When calculation total income, income from partnership companies is shown as exempt income (Since tax is pre paid).
However during calculation for Surcharge on IT for Income over 1 crore, will the income from the partnership firm be considered? In other words, will this individual be liable to pay the surcharge on IT or not?
CAclubindia
