Surcharge is an additional tax levied on the amount of income-tax. In case of the following :
- Individuals/HUF/AOP/BOI/artificial juridical person –
- Surcharge is levied @ 10% on the amount of income-tax where the total income of the taxpayer exceeds Rs. 50 lakh but doesn’t exceed Rs. 1 crore.
- Surcharge is levied @ 15% of income-tax where the total income of the taxpayer exceeds Rs. 1 crore.
- In case of Firm, co-operative society and local authority surcharge is levied at 12% if total income exceeds Rs 1 crore.
- In case of a domestic company –
- Surcharge is levied @ 7% on the amount of income-tax if the total income exceeds Rs. 1 crore but does not exceed Rs. 10 crore.
- Surcharge is levied @ 12% on the amount of income-tax if total income exceeds Rs. 10 crore.
- In case of a foreign company –
- Surcharge is levied @ 2% on the amount of income-tax if the total income exceeds Rs. 1 crore but does not exceed Rs. 10 crore.
- Surhcarge is levied @ 5% on the amount of income-tax if total income exceeds Rs. 10 crore.
*Total income means income on which tax liability is determined after claiming deductions.