Total taxable income = â?¹ 51,95,900 Is the MARGINAL RELIEF available for the above amount or not?
Yes. Marginal relief will be provided to certain taxpayers up to the amount of the difference between the excess tax payable (including surcharge) on the income above Rs.50 lakhs and the amount of income that exceeds Rs.50 Lakhs. For Rs.51.96 lakhs net taxable income the taxes inclusive of a surcharge of 10% will be Rs. 14.7 lakhs . But, if he would have earned only Rs.50 lakhs, then the tax liability would have been Rs.13.1 lakhs only. The marginal relief would approximately be Rs.0.6 lakhs.