5/8/2024, 2:57:02 pm

How a 10% surcharge can swallow up to 70% of your income above ₹50 lakh

The concept of a surcharge is simple – it’s an extra tax on your total tax liability if your income exceeds ₹50 lakh. Under the new tax regime, the surcharge is 10% for taxable income above ₹50 lakh up to ₹1 crore, 15% for taxable income above ₹1 crore up to ₹2 crore, and 25% on income above ₹2 crore.