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?
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Query on surcharge calculation
Replies (10)
Quick Summary
Is this correct please reply
You didn't compute marginal relief
Didn't understand how to calculate I tried the same formula
Step First:
Calculate total tax on 50,57,500.i.e 13,35,150
add: 10% surcharge on total tax i.e 1,33,515
Net tax payable.....14,68,665
Calculate total tax on 50,57,500.i.e 13,35,150
add: 10% surcharge on total tax i.e 1,33,515
Net tax payable.....14,68,665
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
What was the surcharge amount in income tax calculator... let me cross check it
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
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