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
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