With Finance Minister Nirmala Sitharaman increasing the surcharge on income-tax (I-T) in the Union Budget for individual taxpayers, the country’s super-rich will have to shell out more.
The Budget will raise the effective tax rate for two categories — individuals earning an annual income between Rs 2 crore and Rs 5 crore, and those earning more than Rs 5 crore. According to the data collated by the Business Standard Research Bureau, there were 366 executives in listed companies earning more than Rs 5 crore in 2017-18 (FY18), and another 588 with income between Rs 2 crore ...
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