Surcharge on Salary TDS for more than 1 Crore

[prashant arya]

Dear Friends,

 

Kindly  advise the impact of Surcharge on TDS , if the salary of employee is more than 1 crore in FY 2013-14 ie how much tds has to be deducted in the coming months.

 

The note for Surcharge is as under:

 

Surcharge on Income tax:

The amount of income-tax shall be increased by a surcharge @10% of the Income-tax on payments to an individual taxpayer, if the total income of the individual exceeds Rs 1 crore during FY 2013-14 (AY 2014-15). However the amount of Surcharge shall not exceed the amount by which the individual's total income exceeds Rs 1 crore and if surcharge so arrived at, exceeds such amount (assessee's total income minus one crore) then it will be restricted to the amount of total income minus Rupees one crore.

Education Cess on Income tax:

The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.

Secondary and Higher Education Cess on Income-tax:

An additional cess is chargeable at the rate of one percent of income-tax including the surcharge if any, but not including the Education Cess on income tax.

 

Regards

 

Prashant Arya