Surcharge tiers on income-tax established by taxpayer class and income bands; marginal relief and health and education cess apply. The Bill prescribes tax rates for assessment year 2020-21 and establishes a multi-tier surcharge regime differentiated by taxpayer class and income bands, ... Summary
Surcharge tiers on income-tax established by taxpayer class and income bands; marginal relief and health and education cess apply.
The Bill prescribes tax rates for assessment year 2020-21 and establishes a multi-tier surcharge regime differentiated by taxpayer class and income bands, with specific caps on surcharge for income taxed under certain provisions. Marginal relief is provided to temper surcharge effects at thresholds. A Health and Education Cess is levied at a fixed rate on income tax inclusive of surcharge, with no marginal relief available for the cess.
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TaxTMI 
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