![]() ![]() Step 1 Tax on total income (Without CESS) = ₹ ₹28,42,500 Thus, here tax will be lower of following :. ![]() Step 5 As per the concept of marginal relief tax on total income including surcharge can never be more than Step 3 Tax on ₹50 Lakhs (Surcharge will not be applicable) = ₹ 13,12,500 Step 1 Tax on total income (Without CESS) = ₹ ₹13,15,500 ![]() Here NTI denotes Net total income after deducting all the deductions available under Income Tax Act, 1961 Lets discuss the concept of surcharge and Marginal relief through some practical illustrations. Marginal relief is provided to the assessee whenever the additional tax paid on any additional income exceeding the prescribed limit for applicability of Surcharge is more than the additional income itself. Marginal Relief : It is applicable in case of all assessee where surcharge is applicable. Surcharge : An additional tax on tax for assessee having income more than a prescribed limit. One can refer to the following link of article for applicable rates of surcharge for AY 22-23 The Article is confined to discuss the calculation of Surcharge and Marginal Relief thereon in case of Individual, HUF, AOP, BOI and Artificial Juridical person for AY 2022-23 and onwards Surcharge and Marginal Relief Calculation ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
March 2023
Categories |