Finance Minister Arun Jaitley has in the General Budget increased the surcharge on income tax levied on individuals earning income of Rs. one crore or more from 12 percent at present to 15 percent.
Currently, for HUFs and a resident individual below 60 years of age, income up to Rs. 2,50,000 is exempted from tax, whereas, income from Rs. 2,50,001 to Rs. 5,00,000 is taxed at 10 percent.
However, income of Rs. 5,00,001 to Rs. 10,00,000 is liable for an additional surcharge of 20 percent and above Rs. 10 lakh at 30 percent.
A total cess of three percent of the income tax payable is also levied on income above Rs. one crore with an additional surcharge of 12 percent.
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