Finance Minister Nirmala Sitharaman presented the Union Budget for the second term of Narendra Modi government. During the budget, she spoke about the income tax and surcharges on the tax. Surcharge on those with income between Rs 2-5 crore and 5 crore-above are to be increased. "In view of the rising income levels, those in the highest income bracket, need to contribute more to the nation's development,' she said. "Enhance the surcharge on individuals having taxable income from 2 crore to 5 crore and 5 crore and above so that effective tax rates for these two categories will increase by around 3% and 7% respectively, the finance minister added.
Finance Minister Nirmala Sitharaman presented the Union Budget for the second term of Narendra Modi government. During the budget, she spoke about the income tax and surcharges on the tax. Surcharge on those with income between Rs 2-5 crore and 5 crore-above are to be increased. "In view of the rising income levels, those in the highest income bracket, need to contribute more to the nation's development,' she said. "Enhance the surcharge on individuals having taxable income from 2 crore to 5 crore and 5 crore and above so that effective tax rates for these two categories will increase by around 3% and 7% respectively, the finance minister added.
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