This calculator calculates income tax liability for non-individual assessees viz. Firm, Domestic Company, Other Company, Local Authority and Co-operatives for the Assessment Year 2016-17. This Calculator takes into account Marginal Relief in Surcharge, wherever applicable.
When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at the rates (as mentioned above) on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
In case of a domestic firm having taxable income of Rs. 1,00,01,000/-
|1.||Income Tax||Rs. 30,00,300|
|2.||Surcharge @5% of Income Tax||Rs. 1,50,015|
|3.||Income Tax on income of Rs. 1 crore||Rs. 30,00,000|
|4.|| Maximum Surcharge payable|
(Income over Rs. 1 crore less income tax on income over Rs. 1 crore)
|Rs. 700/- (1000 - 300)|
|5.||Income Tax + Surcharge payable||Rs. 30,01,000|
|6.||Marginal Relief in Surcharge||Rs. 1,49,315/- (1,50,030 - 700)|