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Company other than a Domestic Company Income Tax
- @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
- @ 40% of the balance
Surcharge :
The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under
- At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
- At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
Education Cess : 3% of the total of Income Tax and Surcharge.
Marginal Relief in Surcharge
When an assessee’s taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, 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.
Example :
In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-
| 1. | Income Tax | Rs. 28,30,300 |
| 2. | Surcharge @10% of Income Tax | Rs. 2,83,030 |
| 3. | Income Tax on income of Rs. 1 crore | Rs. 28,30,000 |
| 4. | Maximum Surcharge payable (Income over Rs. 1 crore less income tax on income over Rs. 1 crore) | Rs. 700/- (1000 – 300) |
| 5. | Income Tax + Surcharge payable | Rs. 28,31,000 |
| 6. | Marginal Relief in Surcharge |
Company other than a Domestic Company Income Tax
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