surcharge above income 50 lakhs is applicable on total income or taxable income ?
say total income is 60 lakhs which includes LTGS from shares 20 lakhs then whether surcharge is applicable?
5 Replies
Peter
(Article Assistant)
(118 Points)
Replied 11 April 2017
In your case the Total Income will be 40L due to exemption under 10(38). Since its less than 50L surcharge of 12% is not applicable.
Dhrunil Bhatt
(Chartered Accountant)
(232 Points)
Replied 20 April 2017
Dear Sir,
As such the Net Total Income (i.e amount after deducting Chapter VI A deductions from Gross Total Income) is always after considering (i.e deducting) exempt income, therefore no question of Surcharge would arise as your net total income would never include exempt incomes.
Thanks and Regards,
Dhrunil Bhatt
Peter
(Article Assistant)
(118 Points)
Replied 20 April 2017
Dear sir
Agricultural Income being an exempt income will be considered for the tax computation purposes as prescribed. Therefore in such cases rather than the word Taxable Income the word Total Income is highly significant.
Agricultural Income being an exempt income will be considered for the tax computation purposes as prescribed. Therefore in such cases rather than the word Taxable Income the word Total Income is highly significant.
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