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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
- UGC NET
- Commerce
Under the income tax Act, 1961 the education cess of (2% + 1%) is calculated in the amount of :
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Income Tax Act 1961 is a statute that lays the basis of tax payments in India. The Act provides absolute guideline for determination of taxability in India. As per the Act, all people and artificial entities residing in India, be it individual, proprietary firm, a partnership firm or a company, is subject to abide by the Income Tax Act and need to pay tax and submit an annual Income Tax return, if their income exceeds the amount of income subject to tax. Tax is further subject to Education Cess of 2% on Income Tax and Secondary and Higher Education Cess of 1%. In addition to a Surcharge @15% on the Income Tax payable wherein the Taxable income exceeds Rs. 1 crore, a Surcharge @10% is levied on the Income Tax payable wherein the Taxable income exceeds Rs. 50 lakh.