Poonawalla fincorp
Poonawalla fincorp

Applicability of 10% surcharge on income

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(Querist)
31 July 2008 Hi,

I have income from
a. Salary,
b. Bank Interest (SB a/c and ICICI Bank Bonds)
c. STCG (Equity and ESOPs)

I want to know:
1. 10% surcharge on income tax is applicable when total income exceeds 10Lacs? Is this correct?

2. Total income will contain a,b and c above less rent paid as HRA, conveyance allowance and any other deductionf from section 10. Is this correct?

Thanks,
Abhishek
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CA Nallathambi Srinivasan

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CA Nallathambi Srinivasan (Expert)
31 July 2008 1. It is correct.

2. Yes, and also you can deduct the investments made under sec 80c from the total income.
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Abhishek Kumar Srivastava

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Abhishek Kumar Srivastava (Querist)
01 August 2008 thnaks.
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