Surcharge on Income Tax and Surcharge rates!

Wondering What is Surcharge on Income Tax and Surcharge rates for different taxpayers?

Income tax surcharge is an additional charge payable on income tax. It is an added tax on the taxpayers having a higher income inflow during a particular financial year.

Surcharge rates for different taxpayers

1.Surcharge is levied @ 10% on the amount of income-tax where the total income of the taxpayer exceeds Rs. 50 lakh but doesn’t exceeds Rs. 1 crore.

2.Surcharge is levied @ 15% of income-tax where the total income of the taxpayer exceeds Rs. 1 crore but doesn’t exceeds Rs. 2 crore.

3.Surcharge is levied @ 25% of income-tax where the total income of the taxpayer exceeds Rs. 2 crore but doesn’t exceeds Rs. 5 crore.

4.Surcharge is levied @ 37% of income-tax where the total income of the taxpayer exceeds Rs. 5 crore.

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