No surcharge if total income is below Rs 50 lacs, rules Income Tax Appellate Tribunal.

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....The Income Tax Appellate Tribunal (ITAT) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that since the assessee's tax liability would fall under the maximum marginal rate, surcharge would apply as per section 2(29). However, the assessee argued that as per the Finance Bill, 2022, surcharge is applicable only when the total income exceeds Rs. 50 lacs. The ITAT held that since the assessee's total income was Rs. 6,73,590/-, which is less than Rs. 50 lacs, levying surcharge would not be applicable. Consequently, the ITAT directed the Assessing Officer to delete the surcharge levied on the assessee Trust.....