Surcharge of 2% for Income Exceeding Rs 1 crore

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Finance Minister, Arun Jatley in Budget 2015 announced to levy a surcharge at the rate of 2 per cent if the income exceeds Rs 1 crore.

This is applicable on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities.

Surcharge in the case of domestic companies having income exceeding Rs 1 crore and upto Rs 10 crore is proposed to be levied @ 7% and surcharge @ 12% is proposed to be levied on domestic companies having income exceeding Rs 10 crore.

Surcharge of 2% for Income Exceeding Rs 1 crore

Shri Jaitley further proposed that in the case of foreign companies the surcharge will continue to be levied @ 2% if the income exceeds Rs 1 crore and is upto Rs 10 crore, and @ 5% if the income exceeds Rs 10 crore.

It is also proposed to levy a surcharge @ 12% as against current rate of 10% on additional income-tax payable by companies on distribution of dividends and buyback of shares, or by mutual funds and securitization trusts on distribution of income.

The education cess on income-tax @ 2% for fulfillment of the commitment of the Government to provide and finance universalized quality based education and 1% of additional surcharge called ‘Secondary and Higher Education Cess' on tax and surcharge is proposed to be continued for the financial year 2015-16 for all taxpayer.

Source: PIB
GoodReturns.in 

Story first published: Saturday, February 28, 2015, 15:47 [IST]
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