- The amount of income-tax as increased by the union surcharge, if applicable, should be further increased by an additional surcharge called the “Education cess on income-tax”, calculated at the rate of 2% of such income-tax and surcharge, if applicable.
- Education cess is leviable in the case of all assessees i.e. individuals, HUFs, AOPs / BOIs, firms, local authorities, co-operative societies and companies.
- Further, “Secondary and higher education cess on income-tax” @1% of income-tax plus surcharge, if applicable, is leviable to fulfill the commitment of the Government to provide and finance secondary and higher education.
Income from Salary
|(salary paid by your employer)|
|Add: Income from house property||(add any rental income, or include interest paid on home loan)|
|Add:Income from business/profession||(income from freelancing or a business or profession)|
|Add:Income from capital gains||(income from sale purchase of shares or house)|
|Add:Income from other sources||(saving account interest income, fixed deposit interest income, interest income from bonds)|
|Gross Total Income|
|Deductions under chapter VI-A|
|Net Total Income|
Tax Payable on Net Total Income as per Individual Slab Rates- ##
Add- Surcharge . ##
Total Income Tax inclu Surcharge ##
Less- Rebate under Section 87A NA
Total Tax Payable ##
Add-Cess on Total Income Tax inclu Surcharge ##
Balance Tax Payable ##