Maximum Marginal Rate Means Highest Surcharge Too – ITAT Bangalore Confirms 37% on Discretionary Trust Income

Clestra Foundation Vs ITO (ITAT Bangalore) Maximum Marginal Rate Means Highest Surcharge Too – ITAT Bangalore Confirms 37% on Discretionary Trust Income A private trust assessed as an AOP, filed its return of income for AY 2023-24 declaring ₹41,69,630/- consisting of dividend income of ₹34,31,064/- & interest income of ₹7,38,562/-. The return was processed u/s 143(1) by CPC which computed tax demand of ₹4,35,175/- by applying surcharge @37% on entire income while determining Maximum Marginal Rate (MMR). Assessee contended that surcharge was not applicable on dividend income since...