In her first Budget presented on July 5th 2019, the finance minister has proposed an increase in surcharge from 15 percent to 25 percent on the income tax payable by a category of taxpayers comprising individuals, Hindu Undivided Family, Association of Persons or Body of Individuals (whether incorporated or not) or every artificial juridical person not otherwise specified, with income in the Rs 2-5 crore range. Similarly, surcharge is proposed to be increased from 15 percent to 37 percent in the case of such category of taxpayers earning more than Rs 5 crore during Financial Year 2019-20. This is being touted as ‘super rich’ tax.
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Kumarmanglam is an equity partner of the firm and also heads the direct tax and regulatory practice at JSA. He has more than 25 years of experience in matters relating to direct taxation (including international taxation, transfer pricing, litigation, anti-avoidance laws, and M&A tax), accounting, and corporate laws including mergers and acquisition, joint ventures, foreign investments, market entry strategy, and corporate restructuring.