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Budget 2019: Super rich to pay more income tax

Budget 2019: Super rich to pay more income tax

Finance Minister Nirmala Sitharaman said people earning more should pay more income tax.

She proposed to enhance surcharge on high net individuals with a taxable income of Rs 2 crore, Rs 5 crore and above by 3% and 7% respectively.

At present, individuals and HUFs earning taxable income between Rs 50 lakh and Rs 1 crore are required to pay a surcharge of 10% and those earning over Rs 1 crore are required to pay a surcharge of 15% on income tax.

Now With the proposed increase in surcharge, people having taxable income between Rs 2-Rs 5 crore will be required to pay 18% surcharge and those earning over Rs 5 crore are required to pay 22% surcharge on their income tax.

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Tags: Nirmala Sitharaman Union Budget Super Rich Union Budget 2019