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Surcharge Payable

Monday, November 18, 2013
By Anand Tibrewala

Anand Tibrewala is a CA and Senior Partner at the leading Chartered Accountancy firm, AD & Company

Are assesses who have substantial income subject to any additional tax?
—Gopal Singh, Kemps Corner

As such there is no change in the tax rates. However, assessee’s earning more than Rs. 1,00,00,000 (Rupees One Crore) have to pay s surcharge of 10% over and above the income tax. Surcharge is also payable on Education cess and Higher Education cess. Thus total tax liability of an assessee earning more than One Crore goes up. 

Are there any changes in The Rajiv Gandhi Equity Scheme?
—Ravi Raj, Thane

There are certain changes proposed in the Rajiv Gandhi Equity Scheme which are as: Equity oriented scheme of Mutual Funds have also been included as eligible securities for claiming this deduction. Limit on Gross Total Income has been raised to Rs. 12 Lacs from 10 Lacs.

Is there any change in the slab rates?
—Radheshyam Sharma, Mulund

There is no change in the slab or tax rates for any type of the assessee as the last budget did not propose any change. However, under a new provision introduced in the last budget a rebate of Rs. 2,000 would be allowed to individual assessee from his tax liability provided his total income during the previous year does not exceed Rs. 5,00,000. This means there is a marginal relief indirectly for small tax payers only.

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