21 September 2008
Hello everybody, I wanted some clarification on surcharge & agriculture income -- suppose the income of the person is rs. 950000 & agriculture income is rs.150000 then is the surcharge (10%)applicable in this case as his income is 1100000 in total.
22 September 2008
Yes, tax due will be worked out by taking into account the surcharge also. Thereafter, the rebate for tax on agricultural income will be allowed from the tax due on income of Rs. 1100000.
22 September 2008
SURCHARGE IS NOT APPLICABLE.THE QUESTION OF SURCHARGE APPLICABILITY ARISES ONLY WHEN THE TOTAL INCOME AS PER SECTION 5 OF THE IT ACT,1961 EXCEEDS RS.10 LAKHS.
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