Surcharge on Income-Tax :
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding Rs.1 crore, be increased by a surcharge for the purposes of the Union calculated @ 12% of such income-tax:
Provided that in the case of every firm mentioned above having total income exceeding Rs. 1 crore, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore. |
Surcharge:
The amount of income-tax shall be increased by a surcharge at the rate of 12% of such income-tax in case of a firm having a total income exceeding Rs. 1 crore.
Marginal relief:
The total amount payable as income-tax and surcharge on total income exceeding Rs. 1 crore shall not exceed the total amount payable as income-tax on a total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.
Health and Education Cess:
'Health and Education Cess (H&EC) on Income Tax' @ 4% on income tax (inclusive of surcharge, wherever applicable) shall be levied. |
