Can anyone explain the provision of marginal relief for surcharge with section number which grants the same??
1 Replies
Divya sharma
(CHARTERED ACCOUNTANT)
(250 Points)
Replied 14 August 2008
I THINK THERE IS NO PARTICULAR SECTION FOR MARGINAL RELIEF .
IF THE INCOME OF AN INDIVIDUAL EXCEEDS 1000000 THAN THE INCOME TAX PAYABLE ON SUCH ADDITIONAL INCOME SHOULD NOT EXCEED ADDITIONAL INCOME.
FOR EX : IF INCOME IS 1020000.
INCOME TAX ON 1020000 IS 280500(MALE)(INCLUDING SURCHARGE)
AND INCOME TAX ON 1000000 IS 249000
INCOME TAX INCREASE 31500
BUT INCOME EXCEEDS 20000
SO WE'LL GET RELIEF OF 31500-20000 = 11500
IT HAS VER LITTLE EFFECT THAT IS DUE TO SURCHARGE .
IT WILL BENEFIT TILL 1030000
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