https://www.taxtmi.com/highlights?id=87758 The ITAT adjudicated a dispute regarding surcharge computation for a private discretionary trust. The tribunal referenced a Special Bench precedent establishing that surcharge calculation must follow slab-wise rates in the Finance Act's First Schedule, rather than applying a flat maximum rate. Consequently, the tribunal ruled in favor of the assessee, allowing surcharge at 10% for AY 2021-22 and 25% for AY 2022-23, thereby rejecting the proposed 37% surcharge. The decision affirms a nuanced interpretation of tax computation methodology for discretionary trusts, ensuring proportional and legally compliant surcharge assessment. en-us Fri, 25 Apr 2025 08:53:57 +0530 Fri, 25 Apr 2025 08:53:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=87758 The ITAT adjudicated a dispute regarding surcharge computation for a private discretionary trust. The tribunal referenced a Special Bench precedent establishing that surcharge calculation must follow slab-wise rates in the Finance Act's First Schedule, rather than applying a flat maximum rate. Consequently, the tribunal ruled in favor of the assessee, allowing surcharge at 10% for AY 2021-22 and 25% for AY 2022-23, thereby rejecting the proposed 37% surcharge. The decision affirms a nuanced interpretation of tax computation methodology for discretionary trusts, ensuring proportional and legally compliant surcharge assessment. Highlights Income Tax Fri, 25 Apr 2025 08:53:57 +0530 https://www.taxtmi.com/highlights?id=87758