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of <h1>Amendments to Finance Act 2019: 15% Surcharge Cap on Income Over 2 Crore, Sections 111A and 112A Impacted</h1> The amendments to the Finance (No. 2) Act, 2019, under the Taxation Laws (Amendment) Act, 2019, modify the surcharge on income-tax provisions in Part II of the First Schedule. Effective from April 1, 2019, these changes specify that income under sections 111A and 112A of the Income-tax Act is included or excluded in certain clauses regarding surcharge calculations. A new sub-clause introduces a 15% surcharge rate for incomes exceeding two crore rupees, with a provision ensuring the surcharge on income under sections 111A and 112A does not exceed 15%. Similar adjustments are made in Part III regarding total income calculations.
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