Hey friend,
There are numerous charges, and taxes that we have to pay on our income.There are charges we have to pay on our tax. My friend told me, Surcharge on capital gains tax is one of them. It is applied to the tax we have to pay. I will now share with you everything I learned on the topic.
What is the surcharge on capital gains tax ?Surcharge can be deemed as a tax that is paid on payable tax. It is not levied on the income that we earn. I will give an example to help you explain, if you have an income of Rs 1000 on which the tax is Rs 300, the surcharge would be 10% of Rs 300, that is Rs 3.
Is surcharge applicable on capital gains tax ?Yes, according to my knowledge, you need to pay the surcharge on capital gains tax. Currently, the rate of surcharge has been set at 15% for Short Term and Long-Term capital gains.
If the income of the taxpayer is above Rs 50 lakh but up to Rs 1 crore, 10% is the surcharge. On the other hand, if the income of the taxpayer is above Rs 1 crore to Rs 2 crore, 15% surcharge is levied. If the income of the taxpayer is between Rs 2 crore and up to Rs 5 crore, then a 25% surcharge is levied.
This is all from my end on surcharge on capital gains tax. I hope all your doubts have been cleared.
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What is the surcharge on capital gains tax ?
Tanishka
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2 Year
2022-05-08T14:14:27+00:00 2022-05-08T14:14:28+00:00Comment
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