is there any Section number for Marginal relief (Income Exceeding 10lakhs for the A.Y. 2008-09) in Income tax Act.
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 23 December 2010
Dear Sainath
You are suggested to refer proviso to para "Surcharge on income-tax" of "Paragraph A" of "Part - 1" of "THE FIRST SCHEDULE" of Finance Act 2007.
For your ready understanding
Surcharge on income-tax
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall,—
(i) in the case of every individual or Hindu undivided family or association of persons or body of individuals having a total income exceeding ten lakh rupees, be reduced by the amount of rebate of income-tax calculated under Chapter VIII-A, and the income-tax as so reduced, be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent of such income-tax;
(ii) in the case of every person, other than those mentioned in item (i), be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent of such income-tax:
Provided that in case of persons mentioned in item (i) above having a total income exceeding ten lakh rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of ten lakh rupees by more than the amount of income that exceeds ten lakh rupees.
Best Regards
Juzer Sadikot
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
