16 April 2008
TAX WILL NOT BE COLLECTED IN EXCESS OF INCOME SUCHARGE IS LEVIABLE IF NET INCOME IS IN EXCESS OF RS TEH LAKHS SUPOSSED YOU INCOME IS RS 1010000/-TAX IS RS 252000/- SURCHARGE IS PAYBLE 25200/-.tHUS THE TOTAL TAX INCLUDING SURCHAGE IS RS.277200/ .HOWEVER AS PER MARGINAL RELIEF,THE TOTAL AMOUNT OF INCOME TAX AND SURCHARGE SHALL NOT EXCEEDS THE AMOUNT BY WHICH THE INCOME EXCEEDS RS.1000000/- IN THIS CASE,THE AMOUNT AND SURCHARE ADDS UP TO RS 27200(277200-250000).BY THIS RULE,IT WILL BE RESTRICTED TO RS 10000/-ONLY THEREFORE THE TOTAL AMOUNT PAYABLE BY WAY OF TAX AND SURCHARGE ON A TOTAL INCOME OF RS 1010000/- SHALL BE RS 259000/-ONLY
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