Budget 2019: Super-Rich Earning Over Rs Two Crore To Face Increased Surcharges On Income

Presenting the Union Budget 2019-20, Finance Minister Nirmala Sitharaman stated that the surcharge on earnings of those individuals whose taxable income is in the brackets of Rs 2-5 crore and above Rs 5 crore would be increased.

This would done in such a manner that the effective tax rate on the two categories goes up by three per cent and seven percent respectively.

Interestingly, tax rates for almost all other categories have largely remained unchanged in this Budget, with those earning below Rs 5 lakh being exempted from income tax altogether.