If the total taxable income after deductions is RS. 50,57,500 for the F.Y. 2021-22 how do you calculate surcharge on it?
If the total taxable income after deductions is RS. 50,57,500 for the F.Y. 2021-22 how do you calculate surcharge on it?
Is this correct please reply
Madam,
The tax calculation for total income of Rs. 50,57,500/- is as follows:
|
Up to 2.5 lakhs |
Nil |
Nil |
|
2.5 to 5 lakhs |
5% |
12500 |
|
5,00,001 to 10 lakhs |
20% |
100000 |
|
10,00,001 to 50,57,500 |
30% |
1217250 |
|
Total tax payable |
1329750 |
|
|
Surcharge @ 10% |
132975 |
|
|
Total tax plus surcharge |
1462725 |
|
But if the total income is Rs. 50,00,000/- then the tax payable would be Rs. 1312500/-.
So for earning an additional income of Rs. 57,500/- over and above Rs. 50,00,000/-, you have to pay additional tax of Rs. 1,50,225/-. So, the department had given marginal relief so that the additional tax paid on account of surcharge should not exceed the additional income earned the threshold limit i.e. Rs. 50,00,000/-, Rs. 1,00,00,000/-, as the case may be. In your case, since the additional tax payable (Rs. 1,50,225/-) on account of additional income of Rs. 57,500/- is higher, the surcharge of Rs. 132975/- would be restricted to 57,500/- and the net tax payable including surcharge would be Rs. 1370000/-
Thank you but on income tax calculator the surcharge figure is different
This was the surcharge amount
Madam, even I checked with online marginal relief calculator... That also calculated 57500 as surcharge
Madam, even I checked with online marginal relief calculator... That also calculated 57500 as surcharge
CAclubindia
