What then is the tax on total income?
How much do you actually pay? The surcharge @12% on tax computed after taking into account deductions and rebates will be levied if the net total income is over Rs. 60,000. For income over Rs. 1,50,000 p.a., the rate of surcharge is 17% on the top rate of 30%. Marginal relief would be provided to ensure that the total tax payable along with the surcharge, on excess of income over Rs. 60,000 is limited to the amount by which the income exceeds Rs. 60,000. No surcharge is payable by NRIs. Surcharge is applicable to i) normal tax ii) advance tax iii) tax on long-term capital gains iv) Tax Deduction at Source (TDS) and v) the dividend tax payable directly to the exchequer before dividend is paid by the companies to their shareholders and by the MFs to their unitholders.
Related Questions
- What figure from our familys tax forms should I enter for income in the application: total income, adjusted gross income, or taxable income?
- What do I include when calculating my total family income (wages, employment insurance, child tax benefit, GST refund)?
- How Do You Calculate Total Income Joint For Tax?
