Surcharge is an additional tax or charge levied as a percentage of existing tax amount, but without any specific purpose.<\/p>\n
It is levied if the size of tax base exceeds a certain threshold limit. The revenue earned via surcharge is solely retained by the centre and not shared with states.<\/p>\n
Example- individuals with net income exceeding Rs.50 Lakhs but not exceeding Rs. 1 Crore, a surcharge of 10% is levied on tax liability.<\/p>\n","protected":false},"excerpt":{"rendered":"
Surcharge is an additional tax or charge levied as a percentage of existing tax amount, but without any specific purpose. It is levied if the size of tax base exceeds a certain threshold limit. The revenue earned via surcharge is solely retained by the centre and not shared with states. Example- individuals with net income… Continue reading Surcharge<\/span><\/a><\/p>\n","protected":false},"author":10350,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-232826","page","type-page","status-publish","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/232826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10350"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=232826"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/232826\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=232826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}