Super-rich tax

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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