Go AD-Free with CAclubindia PRO for Rs 167/Month Only. Subscribe Now!

Query on Surcharge

Tax queries 202 views 2 replies

Srikanth

Software Engineer

24 Points Posted on 11 March 2023

Hi,

I have a query regarding surcharge. My income from Salary and other sources is around 1.83Cr and Capital gains are around 41.6Lakhs. Total income is around 2.25Cr.

The income tax calculator at https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx shows surcharge as 9Lakhs, but the advance tax calculator at https://incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx shows the surcharge on income tax as 14.29 Lakhs.

Could someone please clarify which one is correct? Is the surcharge 15% or 20%? Since the income other than capital gains is not crossing 2Cr, shouldnt the surcharge be 15%?

Thanks,

Srikanth

Replies (2)

CA Sorav Gupta

Chartered Accountant

1005 Points Posted on 11 March 2023

Yes, the surcharge rate of 15% is applicable on you for both normal income & capital gains.

In case of any further queries, kindly mail me at casoravgupta @ gmail.com

Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)

Srikanth

Software Engineer

24 Points Posted on 12 March 2023

Checked on the income tax portal also - https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator this calculator is also calculating surcharge at 25% for non-CG income and 15% for CG income.