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surcharge
income tax section for marginal relief on surcharge??
Replies (2)
If the Tax exceeds the income than assessee can clain relief from surcharge
For Eg. Surcharge on income of 1 Cr is 0 and Surcharge on income of 1.01 Cr is 1,10,000
So you will get relief of Re 10000 i.e 110000 - (1.01 Cr - 1 Cr)
For Eg. Surcharge on income of 1 Cr is 0 and Surcharge on income of 1.01 Cr is 1,10,000
So you will get relief of Re 10000 i.e 110000 - (1.01 Cr - 1 Cr)
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The concept of marginal relief is designed to provide relaxation from levy of surcharge to a taxpayer where the total income exceeds marginally above Rs. 50 lakh, Rs. 1 crore or Rs. 10 crore, as the case may be. Thus, while computing surcharge, in case of taxpayers (i.e. Individuals/HUF/AOP/BOI/artificial juridical person) having total income of more than Rs. 50 lakh marginal relief shall be available in such a manner that the net amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 50 lakh by more than the amount of income that exceeds Rs. 50 lakh. gst software, account managment, invoice & billing software |
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