Surcharge Applicability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2011 Whether surcharge is applicable when toatl income including agriculture income excee rs 10Lac ie (normal income is Rs 8Lac & Agriculture Income is Rs 4Lac) so surcharge is applicable.
If any judgement is there please specify bcoz in act it is said it is for taxable income but agriculture income is tax free i.e exempt income

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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18 February 2011 Hi,
Will get back to you with complete info & workings,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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18 February 2011 Hi,

As far as the Act is concerned, IT IS VERY CLEAR, there is no Surcharge for individuals whether with or with out Agricultural Incomes.

Further though Agricultural Income are exempt, it would be considered for the purpose of calculation of Tax Liability through a method of Aggregation.

Surcharge is applicable only for Companies if the Taxable Income is more than 1 Crore.

Thank you,

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2011 Thanks,
But it is for a.y.08-09
Intention of surcharge applicability is for increasing the slab and while calculating the tax whether surcharge will be calculated

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2011 Reason For asking is the AO is arguing that as p[er act it is applicable whereas in act it is not cleary specify

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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21 February 2011 Hi,

Intention of Surcharge is NOT to increase the SLAB, but to increase the tax payment on the whole, unlike " THE AGGREGATION METHOD" USED TO CALCULATE TOTAL INCOME INCLUDING AGRICULTURAL INCOME

Dont get confused about Aggegation & Surcharge

both are different, and definately even for Ayr 11-12 also there is no Surcharge for Individuals.

Hope i have resolved ur issue

Thank you,

Regards
CA.LOHITH. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2011 Thanks sir,