Applicability of 10% surcharge on income
This query is : Resolved
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
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
31 July 2008
1. It is correct.
2. Yes, and also you can deduct the investments made under sec 80c from the total income.
2. Yes, and also you can deduct the investments made under sec 80c from the total income.
01 August 2008
thnaks.
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