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Jaitley taxes rich, gives to the poor

Introduces a new surcharge of 10% for incomes above Rs 50 lakh to Rs 1 crore

Sanjay Kumar Singh  |  Mumbai 

One set of taxpayers, albeit a small one, would be a tad unhappy with Finance Minister’s Union Budget 2016-17. With the Budget introducing a surcharge of 10 per cent for people with incomes of over Rs 50 lakh to one crore, there would be a rise of around 3 per cent in the income tax payout. The new calculation for income-tax rate for this slab will be: 30 per cent tax + 10 per cent surcharge on tax + 3 per cent cess on both tax and surcharge) or in total, 33.99 per cent. However, the vast majority of taxpayers with taxable incomes of Rs 2.5 lakh to Rs 5 lakh should be a happy lot ...


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First Published: Wed, February 01 2017. 18:46 IST