Marginal Relief Calculator For Financial Year 2017-18 (Assessment Year 2017-18)
The concept of marginal relief is
designed to provide relaxation from levy of surcharge to a taxpayer where the
total income exceeds marginally above Rs. 50 lakh or Rs. 1 crore, as the case
may be. Marginal relief is available in cases where the net total taxable
income is slightly above Rs. 50 Lakh or Rs.1 Crore.
Surcharge:
(Individual)
i) The amount of income-tax shall be increased by a surcharge
at the rate of 10% of such tax, where total income exceeds fifty lakh rupees
but does not exceed one crore rupees. However, the
surcharge shall be subject to marginal relief (where income exceeds fifty lakh
rupees, the total amount payable as income-tax and surcharge shall not exceed
total amount payable as income-tax on total income of fifty lakh rupees by more
than the amount of income that exceeds fifty lakh rupees).
ii) The amount of
income-tax shall be increased by a surcharge at the rate of 15% of such tax,
where total income exceeds one crore rupees. However, the surcharge shall be
subject to marginal relief (where income exceeds one crore rupees, the total
amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of one crore rupees by more than the
amount of income that exceeds one crore rupees).
Surcharge:
(Firm and LLP)
The amount
of income-tax shall be increased by a surcharge at the rate of 12% of such tax,
where total income exceeds one crore rupees. However,
the surcharge shall be subject to marginal relief (where income exceeds one
crore rupees, the total amount payable as income-tax and surcharge shall not
exceed total amount payable as income-tax on total income of one crore rupees
by more than the amount of income that exceeds one crore rupees).
For This
Marginal Relief we have designed one Calculator in Excel for Financial year
2017-18. Just Enter Your Taxable Income
you will get the Marginal Relief Automatically.
Any Further
Queries please feel Free to Contact us:
goodwilllearningworld@gmail.com
goodwilllearningworld@outlook.com
Download the Income Tax Marginal Relief Calculator
No comments:
Post a Comment