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Direct Taxation
Can anyone explain treatment of 1375500 in below attachment
Sairam Reddy
CA Final
★ 10K+
20-Oct-21 09:18
716
Answers (6)
Sorry not treatment,calculation How it came 1375500
Thread Starter
20-Oct-21 09:19
Tax on 50 Lakhs - 1312500 Excess income over 50 Lakhs - 70%(90,000) = 63,000 The amount is restricted to 1375500
Yoga Vishnu
★ 11K+
21-Oct-21 10:25
Sir why you have taken 70%.what the logic behind that
21-Oct-21 10:43
30% is the extra tax to be paid. So, Net amount of 70% only to be taken for calculation. Marginal relief is given only on surcharge
21-Oct-21 11:01
Sir I don't get your logic but I solved it by taking assumption of excess income is other income. Is it correct if we write in exam like this
Attachments
21-Oct-21 11:58
(Updated)
Yes. You can.
21-Oct-21 12:07
Attach
