TaxTMI 
TaxTMI 
Rate of Surcharge in case of MMR
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....ate of Surcharge in case of MMR<br> Query (Issue) Started By: - LALIT MUNOYAT Dated:- 9-1-2023 Last Reply Date:- 12-12-2023 Income Tax<br>Got 1 Reply<br>Income Tax<br>09-01-2022 An AOP assessable at Maximum Marginal Rate (MMR)was processed u/s 143(1) for Total Income of Rs. 94 Lakhs and tax was accordingly calculated correctly by the CPC. No dispute uptill here. However, while calculating Surchar....
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....ge, it discarded the applicable Rate of Surcharge of 10% but instead applied the highest rate of Surcharge of 37% applicable for income beyond Rs. 5 Crore and worked a demand for Rs. 9 Lakhs. As per Section 10(29C) "Maximum Marginal Rate" means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an indivi....
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....dual , association of persons or, as the case may be, body of individuals as specified in the Finance Act of the relevant year. From the above definition it is not at clearly brought out that in every case of different level of income for which MMR is applicable, Surcharge will have to be necessarily charged at the highest rate of 37%. The citation 2001 (2) TMI 877 - ITAT HYDERABAD Other Citatio....
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....n: [2003] 1 SOT 579 (HYD.) INCOME-TAX OFFICER VERSUS TAYAL SALES CORPORATION No.- IT. APPEAL NO. 1783 (HYD.) OF 1996 Dated.- February 1, 2001, may perhaps help the Ld. Members in forming their expert opinion. Secondly, whether it is possible to file an Application for Rectification u/s 154 and an Appeal before the CIT(A) simultaneously against the said Intimation u/s 143(1) The opinion of the Ld....
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..... Members shall be highly appreciated. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my view charging @ the highest rate for income tax as well as surcharge is correct. You may file an appeal before the Commissioner of Income Tax (Appeals) and I hope no possibility of filing rectification application.<br> Discussion Forum - Knowledge Sharing ....