tax
This query is : Resolved
27 February 2009
Hello. one of my frnd earns net taxable salary of 1025810, which is liable for 10 % surcharge. I have calulated his total tax liability as :
tax on 1025810 212743
+10% sur 21274
+edu cess 3% 7021
Totaltaxliability will be 241038.
I want to know whether it is right or not & is there some relief in surcharge or marginal surcharge.
tax on 1025810 212743
+10% sur 21274
+edu cess 3% 7021
Totaltaxliability will be 241038.
I want to know whether it is right or not & is there some relief in surcharge or marginal surcharge.
04 March 2009
as per AY 2008-2009 :
tax on 1025810 is 256743
10% surcharge 25674
total 282417
3% cess 8473
total tax payable 290890.
marginal relief :
Where a person has a net income exceeding Rs.10,00,000, the net amount payable as income tax and surcharge cannot exceed the tax payable on Rs. 10,00,000+ ( amount of income - Rs.10,00,000).
tax on 1000000 is 249000+(1025810-1000000)
tax payable is 274810.
tax on 1025810 is 256743
10% surcharge 25674
total 282417
3% cess 8473
total tax payable 290890.
marginal relief :
Where a person has a net income exceeding Rs.10,00,000, the net amount payable as income tax and surcharge cannot exceed the tax payable on Rs. 10,00,000+ ( amount of income - Rs.10,00,000).
tax on 1000000 is 249000+(1025810-1000000)
tax payable is 274810.
10 March 2009
Thanks A Lot
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