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 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).
CAclubindia
