Dear all,
This year in budget speech Mr Chidambaram said "Surcharge of 10% on Rs 1 crore plus income earners. Raised surcharge for only one financial year". what this means, the taxpayers with income morethan 1 crore should pay 10% with addition to the existing tax slab.Please clarify this.
Thanks in Advance!!
Any Individual, HUF, Firm and entities whose Gross total income is more than 1 crore, then they will liable for payment of surcharge @ 10%...
For example, if an individual has 10 crore total income, after deducting eligible deductions his net taxable income is 5 crores
Tax payble is Rs.15L (which is calculated by applying Slab rates), then
Surcharge @ 10% will be calculated on 15L that is Rs.1.5L, and then
Edu Cess @ 3% will be calculated on (15L+1.5L)
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