Add Surcharge

/ Taxes / By

I heard the principle ‘ the higher we go, the cooler it is’. Cooler in tax context would mean more air-conditioning , viz, more taxes

 To the amount of Income Tax, I add surcharge (on higher income groups) as per following stairs:

  1. If Total Income > Box:::: My Surcharge Box
  2. Rs.50 lacs :::: 10%
  3. Rs.1 crore :::: 15%
  4. Rs.2 crore :::: 25%.*
  5. Rs.5 crore :::: 37%**

*I am putting a star: Where my Income includes income under Capital Gains on Equity Shares/MF (Short Term or Long Term), then on such part of income, I limit my surcharge to 25, I don’t go to 37 level

** I put double stars. If I decide to go the New Way (New Regime) of Tax, I stop surcharge at 25, I don’t go to 37.