what is surcharge. when it is chargeable.
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Answer Posted / mita rungta
SURCHARGE MEANS AN EXTRA FEE ADDED ON TO ANOTHER CHARGE.
The amount of income tax computed in accordance with the provisions or in section 111A or section 112 shall, in the case of every individual or Hindu Undivided Family or Association Of Persons or Body Of Individuals having a total income exceeding Rs 10,00,000/-, be reduced by the amount of rebate {if any} of income tax calculated under Chapter VIIIA, and the income tax as so reduced, be increased by a surcharge for the purpose of the Union calculated at the rate of 10% of such income tax.
Hence, no surcharge is to be levied if the total income does not exceed rs 10,00,000/-
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