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Individuals/HUF
Plus: –
a) Health and Education cess: – 4% of income tax and surcharge.
Note: A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less.
b) Surcharge: –
i. 10% of income tax where total income exceeds Rs. 50,00,000.
ii. 15% of income tax where total income exceeds Rs. 1,00,00,000.
iii. 25% of income tax where total income exceeds Rs. 2,00,00,000.
iv. 37% of income tax where total income exceeds Rs. 5,00,00,000.
Note – Enhanced surcharge levied at the rates of 25%/37% shall not be levied in case of income chargeable to tax under sections 111A, 112A and 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.
However, marginal relief is available from surcharge in following manner –
Firms/LLP
Plus:-
a) Health and Education cess: – 4% of income tax and surcharge.
b) Surcharge: – 12% of income tax where total income exceeds Rs.1 Crore.
However, marginal relief is available from surcharge in following manner –
Domestic Companies
Plus:-
a) Health and Education cess: – 4% of income tax and surcharge.
b) Surcharge: –
i. In case assessee has opted for section 115BA/ 115BAA flat 10% irrespective of amount of total income.
ii. In any other case:
a. 7% of income tax where total income exceed Rs.1 Crore but doesn’t exceed Rs.10
Crores.
b. 12% of income tax where total income exceeds Rs.10 Crores.
However, marginal relief is available from surcharge in following manner –
Foreign Companies
Plus:-
a) Health and Education cess: – 4% of income tax and surcharge.
b) Surcharge: –
i. 2% if income exceed Rs. 1 Crore but does not exceed Rs. 10 Crores.
ii. 5% if income exceeds Rs. 10 Crores.
However, marginal relief is available from surcharge in following manner –
Local Authority
Plus:-
a) Health and Education cess: – 4% of income tax and surcharge.
b) Surcharge: – 12% of income tax where total income exceeds Rs.1 Crore.
However, marginal relief is available from surcharge in following manner –
Co-operative Society
Plus:-
a) Health and Education cess: – 4% of income tax and surcharge.
b) Surcharge: –
i. In case assessee has opted for section 115BAD, flat 10% irrespective of amount of total income.
ii. In any other case, 12% of income tax where total income exceeds Rs. 1 Crore.
However, marginal relief is available from surcharge in following manner –
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