Suresh Raina (age 38), a resident individual, has total income computed at ₹ 50,86,000. He wants to know his income-tax liability for the assessment year 2018-19. Compute his net tax liability after providing marginal re

Computation of Tax Liability of Mr. Suresh Raina (Resident Individual) for AY 2018-19 Particulars Amount ₹ Amount ₹ Total Income 50,86,000 Income Tax on ₹10 lakhs (₹10,00,000-5,00,000)*20% + ₹12,500 1,12,500 Income Tax on ₹40,86,000 @ 30% 12,25,800 Total Tax excluding surcharge 13,38,300 Surcharge @10% 1,33,830 Total Tax including surcharge 14,72,130 Less: Marginal relief Tax after surcharge cannot exceed the following amount i.e. Tax on 50 lakhs i.e 13,12,500 + Increase in income beyond 50 lakhs i.e ₹86,000 = 13,98,500 (73,630) Tax after marginal relief 13,98,500 Add: EC + SHEC @ 3% 41,955 Total Tax Liability (Round off) 14,40,460