Hi, I have a doubt regarding surcharge on net income. Consider that XYZ has a taxable salary income of 60 lakhs. Since it is more than 50 lakhs, there will be a surcharge of 10% on it. However, if there is also a business loss (for eg FNO trading) of 20 lakhs, the net income for the year becomes 60 lakhs - 20 lakhs = 40 lakhs.
I understand that business loss can not be offset against salary and the income tax on salary will have to be paid, but is a surcharge of 10% will still be applicable on the salary income even thought the net income for the year is less than 50 lakhs?
Thank you.