Rate of surcharge in case of individual
20 Feb 2020 different rates of surcharge applicable to different taxpayers under the Income Tax Act, 1961. Basically, surcharge is progressive in all cases. Surcharge is levied on Income Tax and is levied if Income is more than Rs. 50 Lakhs in case of Individuals and Rs. 1 Crores in case of Companies. The rate of Surcharge has been increased in the Finance Act 2019 which is applicable for Financial Year 2019-20.