Surcharge Rates
The surcharge rates vary depending on the taxpayer’s income level and category. Here’s a breakdown of the rates for different categories:
1. Individuals and HUFs:
- 10% on income between ₹50 lakhs and ₹1 crore
- 15% on income between ₹1 crore and ₹2 crore
- 25% on income between ₹2 crores and ₹5 crores
- 37% on income exceeding ₹5 crores
2. Domestic Companies:
- 7% on income between ₹1 crore and ₹10 crore
- 12% on income exceeding ₹10 crore
3. Foreign Companies:
- 2% on income between ₹1 crore and ₹10 crore
- 5% on income exceeding ₹10 crore
4. Co-operative Societies:
- 7% on income between ₹1 crore and ₹10 crore
- 12% on income exceeding ₹10 crore
Income Tax Surcharge in India
The Indian income tax system imposes a surcharge on income tax in addition to the basic tax rates. This surcharge is levied at different rates depending on the taxpayer’s total income.