Levy Surcharge on Dividend Income for Discretionary Trusts at Slab Rates: ITAT Pune

Sow Rachna Rathi Family Trust Vs Dy. DIT (ITAT Pune) Income Tax Appellate Tribunal (ITAT) Pune Bench has ruled that surcharge on dividend income for discretionary trusts should be levied at the slab rates as per the First Schedule of the relevant Finance Act, rather than the maximum rate of 37%. This decision came in the case of Sow Rachna Rathi Family Trust Vs. Dy. DIT (ITAT Pune), for the Assessment Year 2022-23, where the Tribunal reversed the orders of the Centralized Processing Centre (CPC) and the Additional Joint Commissioner of Income Tax (Appeals) (Addl. JCIT(A)). The case involved th...