respected all,
Is surcharge rate applicable @ 10% even if partnership firm makes a turnover below RS.1 Crore. Is surcharge mandatory ?
pls clarify,
thaks
4 Replies
Ashish Goyal
(Service)
(156 Points)
Replied 17 June 2008
No....Surcharge is only levied if Total income > 1 crore....in case of Firm....
Sumit
(CA Practice )
(675 Points)
Replied 17 June 2008
First of all surcharge is applicable on Income and not on turnover.
Secondly Surcharge shall be levied only in case where the total income of the firm as computed under section 111A or section 112 exceeds Rs. one crore.
Surcharge is mandatory in case income exceeds Rs.1 crore except in case of Marginal relief where upto the total income of Rs.1.04 crore no surcharge is levied.
Hope this will solve your query.
Bye
Regards
Sumit Aggarwal
9971444888
Recent Topics
- Eway Bill Address
- What is tds12
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
