Budget 2019: Surcharge rate on income tax increased for super-rich
Current highest rate of applicable income tax rate is 35.88%
Surcharge which is charged over and above the tax amount has been increased for those earning above ₹2 crore
Super-rich will have to contribute more towards tax collection. Surcharge which is charged over and above the tax amount has been increased for those earning above ₹2 crore. Going forward those earning between ₹2 crore and ₹5 crore will have to pay 25% surcharge on the tax amount, whereas those earning over ₹5 crore will have to pay 37% as surcharge on tax amount, till now they were paying 15% as surcharge. The surcharge will be subject to marginal relief to ensure that the surcharge payable is not in excess of the income that exceeds the threshold.