Finance Minister Nirmala Sitharaman said people earning more should pay more income tax.
She proposed to enhance surcharge on high net individuals with a taxable income of Rs 2 crore, Rs 5 crore and above by 3% and 7% respectively.
At present, individuals and HUFs earning taxable income between Rs 50 lakh and Rs 1 crore are required to pay a surcharge of 10% and those earning over Rs 1 crore are required to pay a surcharge of 15% on income tax.
Now With the proposed increase in surcharge, people having taxable income between Rs 2-Rs 5 crore will be required to pay 18% surcharge and those earning over Rs 5 crore are required to pay 22% surcharge on their income tax.
