Query about surcharge for individual having income over 1 cr

No surcharge as taxable income is bellow threshold limit.

Share of income from firm is exempt in hands of partner u/s 10(2A). So profit share of 45L (No deduction for Income tax in computing the firm's income) does not form part of Total Income. Total income is only 80L. Surcharge not applicable as Total Income does not exceed 100L.

Thank you for your replies. 

So basically if I understand correctly, a partnership firm's income does not get added to the partner's individual income for the purpose of calculation of Total Income for Surcharge on IT for Income over 1 crore.

Madam ... Total income or Taxable Income?

Is profit from Partnership Firm part of Total Income?

Originally posted by : A Jain
	Madam ... Total income or Taxable Income? Is profit from Partnership Firm part of Total Income?

In simple terms, share of profit from partnership is exempt from tax in the partners' hands because of section 10(2A). Hence, share of profit from a firm does not form part of total income of the partner. Therefore in your case, total income is less than 1 crore. So surcharge is not applicable.

Technically taxable income is total income. Both the terms are used interchangeably. It is the income after claiming Chapter VI-A deductions (80C, 80CCC, 80CCD...... to 80U deductions)