| Question And Answer | |
|---|---|
| Subject: | Surcharge in case if maximum marginal rate for AOP |
| Category: | Income-Tax |
| Querist: | D |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | Association of persons (AOP), Marginal Tax, Taxation of Trusts |
| Date: | July 21, 2023 |
A family trust having income by way of mainly dividend income.
Share is defined and all their individual incomes are over maximum amount not chargeable to tax.
Question is whether in the case of surcharge the portion of dividend income will be restricted to 15% as per finance act or full 37% need to be charged or it will depend on surcharge slab as per total income.
Reply of the Expert is awaited. Please check back later
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org
INSTANT Reaction: Going by the purport and tenor of the question raised, one is given the impression that in finding an ANSWER, the comments posted elsewhere are of every relevance, ought not to be slighted or oversighted but need to be given due consideration. Taxpayer should also challenge the levy of surcharge or pursue if already pending in assessment or further proceedings accordingly!?
courtesy
Reference is to the comments posted @https://itatonline.org/digest/qa/the-new-surcharge-scheme-vs-x-auto-calculation-by-cbc/
ADD-on (ATTN: ADMN): This adds credence/ one more GOOD PRACTICAL REASON, founded on pure COMMON SENSE, as to why it might be PRUDENT /MOST SENSIBLE to have REPRESENTATIONS made, JOINTLY and SEVERALLY, to the FM/ CBDT to LOOK INTO THE Deficiency in the SYSTEM (CPC) and PLUG IN THE necessary CORRECTIVES AT THE SOONEST. UNLESS and Until THAT HAS BEEN DONE, by any thinking, AUTO CALCULATION OF SURCHARGE MUST BE HALTED; so also processing of tax returns filed by taxpayers in the income range 50 lakhs to over 5 crore rupees and ISSUE of INTIMATIONS in such cases, NEED to be STOPPED!?
A Face to FACE stalemate >
https://www.facebook.com/swaminathanv3/posts/pfbid0jUfP4WRbLySsAwVNPrjp9RnjzDtRqKiUuewkwHPR2xtTqxJaS1aKdhtxxgoMx6al