Basic concepts

Because the maximum rate of surcharge for income through 112(LTCG) and 111A(STCG) is 15%

Nikhil Tiwari

CA Final

★ 16K+

07-Apr-24 21:28

Sir , there is other income also sir

Thread Starter

shanthini hariharan

CA Final

★ 10K+

07-Apr-24 21:34

For other income we have to take surcharge as 25 %?..

Thread Starter

shanthini hariharan

CA Final

★ 10K+

07-Apr-24 21:34

If total income exceeds 1 crore (whether it includes LTCG or not), the surcharge will be 15% at least. Thus even if income from other sources is not more than 1 cr, ur minimum surcharge will be 15% since your total income is more than 1 cr. Suppose in example income from other sources was say even 1 rs, still 15% surcharge wuld be levied (since ur income is more than 1 cr. So surcharge can’t be less than 15% even if the other income is from LTCG) Had ur income from other sources been 2.1 crs, then ur surcharge on tax on other income wud be 25% and on LTCG would be 15%.

Nikhil Tiwari

CA Final

★ 16K+

07-Apr-24 21:39

Ur income from other sources is less than 1cr that's why rate of surcharge will be 15%

Nikhil Tiwari

CA Final

★ 16K+

07-Apr-24 21:41

Sorry less than 2crore*

Nikhil Tiwari

CA Final

★ 16K+

07-Apr-24 21:41

25% will apply only if total income other than capital taxable under Section 112, 112A or 111A and dividend exceeds 2 crore.

Shiva Teja

Faculty

08-Apr-24 09:30

Ok sir thank you

Thread Starter

shanthini hariharan

CA Final

★ 10K+

08-Apr-24 09:38

Welcome.

Shiva Teja

Faculty

08-Apr-24 09:39