Meetu (Service) (61 Points)
21 July 2008
In case of an individual where total income after all deductions u/s Chapter VI A exceeds Rs10,00,000 , is there is any surcharge applicable. and what is the provision regarding the same. Please clarify at the earliest
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 21 July 2008
Surcharge is applicable @ 10% on Income tax.
Hemant Kyal
(Service)
(348 Points)
Replied 21 July 2008
yes as the income exceeds Rs 10,00,000.00 surcharge @ 10% is applicable on income tax
Hi,
I have income under interest as Rs. 69229 and short term capital gains as Rs. 7572 and long term capital gains on sale of commercial property as Rs. 2620812. Can someone help me with the tax computation and levy of surcharge if any is applicable along with Education Cess. I will be highly obliged if i could get an answer in an hour or so as i need to file my tax returns online today itself. Thanks in anticipation.
Ashok Jain
CAclubindia
