tax
This query is : Resolved
vinod rajpal
(Querist)
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.
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.
VISHAL KUMAR SHAW
(Expert)
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/-
hope your purpose is solved.
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/-
hope your purpose is solved.
vinod rajpal
(Querist)
10 March 2009
Thank You
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