Clear understanding of surcharge Suppose an item costs Rs 100 and there is a tax of 30% and 10% surcharge so overall tax burden will be 33%. Those individuals who are earning income of more than 1 crore, a surcharge of 10% is imposed on the tax liability. ...
the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.For ExampleIn the case of an individual asses