2 thoughts on “how much education cess and secondary and higher education cess payable on the income tax Rs 12,500”
Answer:
Surcharge: In case income is more than ₹ 1 crore, the surcharge is applicable @ 12% of the income tax amount. Health and Education Cess: “Education Cess” and “Secondary and Higher Education Cess” will be replaced by “Health and Education Cess” at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
For the education cess the rate is 2% of the tax payable and for the Secondary and Higher Education Cess the rate is 1% of the tax payable. Together they form the education cess rate of 3% of the tax payable on the income tax Rs 12,500.
Answer:
Surcharge: In case income is more than ₹ 1 crore, the surcharge is applicable @ 12% of the income tax amount. Health and Education Cess: “Education Cess” and “Secondary and Higher Education Cess” will be replaced by “Health and Education Cess” at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
Step-by-step explanation:
For the education cess the rate is 2% of the tax payable and for the Secondary and Higher Education Cess the rate is 1% of the tax payable. Together they form the education cess rate of 3% of the tax payable on the income tax Rs 12,500.