In india 10% surcharge is levied if taxable income exceed Rs10lacs. This refers to GROSS OR NET TAXABLE INCOM?

In india 10% surcharge is levied if taxable income exceed Rs10lacs. This 10 lacs limit refers to GROSS OR NET TAXABLE INCOME?

Public Comments

1. It is net taxable income only. There are some finer points. 1 among them is capital gains due to shares. Long term capital gains with shares are 0% taxable AND do not come under net taxable income. But short term capital gains with shares are 10% taxable BUT come under net taxable income.
2. Read about India Income tax rates for financial year 2007-08 (assessment year 2008-09): http://mytaxes.in/index.php?topic=16.0