Income Tax Tribunal Strikes Down 37% Surcharge for Taxpayer with Income Below Rs. 5 Crore Threshold, Correcting Excessive Tax Levy

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....ITAT held that surcharge cannot be levied at 37% when assessee's total income is Rs. 3,48,040/-, which is significantly below the Rs. 5 crore threshold for maximum surcharge rate. The tribunal determined that surcharge is only leviable when income exceeds Rs. 50,00,000, and the maximum 37% surcharge applies only if income exceeds Rs. 5 crore. Consequently, the CPC's imposition of 37% surcharge was erroneous, and the appeal by the assessee was allowed, effectively canceling the excessive surcharge.....