Maximum Marginal Rate and Average Rate of Income Tax
As per section 2(10), “Average Rate of Income-Tax” means the rate arrived at by dividing the amount of income-tax calculated on the total income, by such total income.
Section 2(29C) defines “Maximum Marginal Rate” to mean the rate of income-tax (including surcharge on the income-tax, if any) applicable in relation to the highest slab of income in the case of an individual, AOP or BOI, as the case may be, as specified in Finance Act of the relevant year.
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