ASSESSMENT YEAR 2009-10..
INCOME TAX COMPUTATION
MY BUSINESS INCOME OF RS.9.50.000.00
AGRICULTURAL INCOME OF RS.1,50,000.00
TOTAL INCOME RS.11,00,000.00
IN THIS CASE SURCHARGE APPLICABLE ?
ANIL KOKARE
meetanilkokare @ gmail.com
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Surcharge
Replies (1)
Surcharge for ay 09-10 would apply if total income exceeds Rs. 10,00,000/-
Agricultural Income is included to compute tax at a higher rate on non-agricultural income.
Section 10(1) states that while computing the total income of the assessee, agricultural income shall not be included.
Therefore agricultural income is included only for the purpose of calculation of tax, the total income for the purpose of applying surcharge remains at Rs. 950,000/-
Therefore, surcharge shall not be applicable.
Kindly wait for the experts to answer more clearly.
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