Surcharge Applicable Only if Incomes Exceeds ₹50 Lakhs: ITAT Hyderabad

Sriram Trust Vs ITO (ITAT Hyderabad) In the case of Sriram Trust vs. Income Tax Officer, the Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) addressed a dispute concerning the imposition of surcharge on the trust’s income for the assessment years 2021–22, 2022–23, and 2023–24. The trust had filed returns for each of these years declaring income below ₹50 lakh. It contended that the return preparation utility provided by the Income Tax Department did not compute any surcharge, implying that the system recognized no surcharge was due. However, upon processing the return...