Explain the concept of Marginal Relief and how it is calculated. Is there a situation in which there is no marginal relief?

The tax system is progressive in nature i.e., as the income increases, tax also increases. Assessees having higher income than the prescribed limit are required to pay extra amount of tax in the form of Surcharge. Different threshold limits have been prescribed based on the total income and the type of assessees. For instance, if…...

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