Surcharge on income-tax for individual with total income Rs. 60 lakhs (default regime) is:
A15% of income-tax
B10% of income-tax
C25% of income-tax
D37% of income-tax
Answer & Solution
Correct answer: B. 10% of income-tax
1. Default regime surcharge slabs: 50L to 1Cr = 10%; 1Cr to 2Cr = 15%; 2Cr to 5Cr = 25%; above 5Cr = 25%.
2. Total income of Rs. 60 lakhs falls in the 50L to 1Cr slab.
3. Therefore surcharge is 10% of income-tax.
_Source: ICAI BoS CA Final Paper 7, Ch 1 "Basic Concepts"_
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