Surcharge in case of individual, HUF, AOP, BOI or artificial juridical person. AY 2018-19
Currently, surcharge is levied at the rate of 15% of tax, if income exceeds Rs 1 crore in case of an individual, HUF, AOP, BOI or artificial juridical person.
It is now proposed by Finance Bill 2017 to levy surcharge w.e.f AY 2018-19 (FY 2017-18)
- at rate of 10% of tax, if income exceeds Rs 50 lakhs and
- at the rate of 15% if income exceeds Rs 1 crore
in case of an individual, HUF, AOP, BOI or artificial juridical person.
Relevant Extract from First Schedule of Finance Bill 2017 read with clause 2
The amount of income-tax computed shall be increased by a surcharge for the purposes of the Union, calculated, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,—
(a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; and
(b) having a total income exceeding one crore rupees, at the rate of fifteen per cent. of such income-tax:
Provided that in the case of persons mentioned above having total income exceeding,—
(a) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;
(b) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Books on Budget 2017-18
Taxmann’s Budget 2017-18 -Book
Budget 2017-18- Notifications on Central Excise , Customs and Service tax – New Book
Ajit Prakashan’s Union Budget 2017-18 -New Book
BDP’s Customs Law Manual (2017-18 Budget Editon with CD) -New Book
Related Post on Budget 2017-18
Budget Speech 2017-18 -Download /Print
Finance Bill 2017 -Download /Print -Budget 2017-18
Memorandum Explaining Provisions in Finance Bill 2017