Maginal Relief from Surcharge under Income Tax

[umeshkumar jhawar]

Dear Experts

I have total Income of Rs. 2,35,00,000.00 in which Income u/s 111A/112/112A is Rs. 15,00,000/- and Income From Salary Rs. 220,00,000/-

Now Marginal relief from surcharge is 15% on Income u/s 111A/112/112A and other that that 25%.

Now How to calculate Marginal Relief.

While Calculating Marginal Relief for Change in Surcharge Rate whether we need to consider Total Income Rs. 2,35,00,000/- or 2,20,00,000/-.

AI Summary

Marginal relief for surcharge: whether computation uses total taxable income or income excluding specified heads. Whether marginal relief on a surcharge increase must be computed with reference to the taxpayer's full total income or a subset of income heads, where the taxpayer's total income comprises salary and incomes taxed under separate heads that attract a lower surcharge rate.