Rate of Surcharge for Individual Taxpayer with different Income Sources
As per Finance Act, rate of surcharge is calculated on Basic Tax depending upon the Range of Income and Source of Income. Surcharge is the additional tax on taxpayers earning higher range of income which taxes the total tax rate (including surcharge and cess) to as high as 42.744%. However, in order to promote New Tax Regime u/s 115BAC of the Income-tax Act, Government of India has also capped the rate of surcharge to 25% under New Tax Regime.
In order to compute Advance Tax or provide an advice to Client on Total rate of Income Tax, rate of surcharge plays an important role.
Below Chart is prepared to demonstrate the rate of surcharge applicable to different sources of income under Old and New Tax Regime.
The Copy Of the Order is as Under :
