 "The Finance Bill of 2019, in addition to amending the tax laws, also amends several other laws unrelated to taxation")
Mumbai-based M K Rajendran (name changed on request), director at a leading private bank, has been calling his chartered accountant regularly since July 5 to find out if there are any avenues for reducing his tax liability after the Budget imposed a super-rich tax. Most tax experts and chartered accountants say their high-net-worth clients are rattled.
For people in the income bracket of Rs 2-5 crore, the Budget imposed a surcharge of 25 per cent, pushing their effective tax rate to slightly above 38 per cent. On those earning above Rs 5 crore, it imposed a surcharge of 37 per
