Slab rate on pgbp
Tejashvini Sharma (1 Points)
16 July 2022
PGBP = 2,60,00,000 What will be the slab rate on this
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 17 July 2022
Surcharge is levied on Income Tax and is levied if Income is more than Rs. 50 Lakhs in case of Individuals and Rs. 1 Crores in case of Companies. Different rates of surcharge are applicable for different categories of taxpayers and the current rates of Surcharge are as follows:-
Individuals, HUF, Association of Persons, Body of Individuals, Artificial Judicial Persons
| Level of Income | Surcharge on Income Tax |
| Less than Rs. 50 Lakhs | Nil |
| Rs. 50 Lakhs to Rs. 1 Crore | 10% |
| Rs. 1 Crore to Rs. 2 Crores | 15% |
| Rs. 2 Crores to Rs. 5 Crores | 25% |
| More than Rs. 5 Crores | 37% |
Related Notable Points
25% Surcharge and 37% Surcharge would not be applicable in following cases:-
-
- Dividend Income
- Income chargeable as Short Term Capital Gains on Sale of Shares/ Mutual Funds under Section 111A or Sec. 112A
Firms, Co-operative Societies and Local Authorities
| Level of Income | Surcharge on Income Tax |
| Less than Rs. 1 Crores | Nil |
| More than Rs. 1 Crores | 12% |
Domestic Company
| Level of Income | Surcharge on Income Tax |
| Less than Rs. 1 Crores | Nil |
| Rs. 1 Crores to Rs. 10 Crores | 7% |
| More than Rs. 10 Crores | 12% |
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