Surcharge on the amount of tax is to be levied at specified percentage when an individual is having income exceeding specified limits:

CS Executive · Tax Laws and Practice · PYQS · December 2018
Surcharge on the amount of tax is to be levied at specified percentage when an individual is having income exceeding specified limits:
(A) @ 7% having income exceeding ₹1 crore and @ 12% if the income exceeds ₹10 crores
(B) @ 2% having income exceeding ₹1 crore and @ 12% if the income exceeds ₹10 crores
(C) @ 15% having income exceeding ₹1 crore and @ 10% if the income exceeds ₹50 lakh but does not exceed ₹1 crore
(D) None of the above

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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