Surcharge (Income Tax)
Definition
An additional charge on income tax applied to taxpayers whose income exceeds high thresholds in India, levied as a percentage of the tax itself and rising in steps with income.
Related Terms in India GST
Health and Education Cess
A cess levied as a percentage on the income tax (plus surcharge) payable in India, earmarked for health and education spending. It applies on top of the computed tax for most taxpayers.
Chapter VI-A Deductions
The set of income-tax deductions in India grouped under Chapter VI-A — including Sections 80C, 80D, 80G and others — that reduce gross total income, chiefly under the old regime.
Section 80CCD (NPS)
A deduction for contributions to India's National Pension System, including an additional deduction over the Section 80C ceiling and a separate deduction for employer contributions, subject to limits.
Section 24(b) — Home Loan Interest
A deduction for interest paid on a housing loan against income from house property in India, subject to a cap for a self-occupied property under the old regime.
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