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Govt raises income tax on super-rich to support state lenders, small biz

The new rate will include 25% surcharge on income between Rs 2 crore and Rs 5 crore, and 37% on income exceeding Rs 5 crore in a year

Income tax | Nirmala Sitharaman | Union Budget 2019

Reuters  |  New Delhi 

India raised import tariffs on nearly 75 items including gold and automobile parts in its budget on Friday and increased taxes on the rich to help pay for recapitalising banks and supporting small business in a bid to revive sagging growth. Aiming to restart investment that's at its weakest level in years, the Prime Minister Narendra Modi's government also proposed giving foreign investors a bigger role in India's giant insurance and aviation sectors, which have been tightly controlled for decades. Finance Minister Nirmala Sitharaman unveiled the proposals while ...

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First Published: Fri, July 05 2019. 19:02 IST