Marginal relief is a term used in taxation that refers to a mechanism employed by tax authorities to provide partial tax relief to individuals or entities whose income falls within a specific income bracket or tax range.
The greytHR is equipped to calculate Marginal Relief automatically.
To calculate Marginal Relief the admin must perform the following actions:
- Calculate tax payable on total income before rebate under Section 87A.
- Calculate the difference between total income and Rs 7,00,000.
- Calculate the difference between Step 1 and Step 2.
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