This calculator calculates income tax, Surcharge and Health and Education Cess 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, in case of taxable income exceeding ₹ 1 crore of Firms, Co-operatives and Local Authorities and ₹ 1 crore / 10 crore in case of Domestic and other than domestic companies (Foreign Companies).
When an assessee's taxable income exceeds ₹ 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 ₹ 1 crore by more than the amount of increase in taxable income.
In case of a domestic firm having taxable income of ₹ 1,00,01,000/-
|1.||Income Tax||₹ 30,00,300|
|2.||Surcharge @5% of Income Tax||₹ 1,50,015|
|3.||Income Tax on income of ₹ 1 crore||₹ 30,00,000|
|4.|| Maximum Surcharge payable|
(Income over ₹ 1 crore less income tax on income over ₹ 1 crore)
|₹ 700/- (1000 - 300)|
|5.||Income Tax + Surcharge payable||₹ 30,01,000|
|6.||Marginal Relief in Surcharge||₹ 1,49,315/- (1,50,030 - 700)|