27 February 2009
Hello.There is an example one person earns net taxable salary of 1025810, which is liable for 10 % surcharge. I have calulated his total tax liability as : tax on 1025810 212743 +10% sur 21274 +edu cess 3% 7021
Totaltaxliability will be 241038.
I want to know whether it is right or not & is there some relief in surcharge or there is some term called as marginal surcharge.
27 February 2009
if the income range is between 10lakhs to 1030590/- then marginal relief is applicable hence in your case marginal relief will be applicable. The tax payable will be as follows: Tax on 10 lakhs= 205000/- add: income exceeding 10 lakhs= 25810/- total 230810/- cess @3% 6924/- tax payable 237734/-
CAclubindia
