Union Budget 2015-16: Surcharge of 2% on super-rich replaces wealth tax

New Delhi, Feb 28 (ANI): Union Finance Minister Arun Jaitley while presenting the budget in the Lok Sabha on Saturday asked rich and wealthy to pay higher tax. Jaitley abolished the wealth tax but increased the surcharge to 2% on individuals earning Rs 1 crore and above annually and on firms with an annual income of Rs 10 crore or more.

New Delhi, Feb 28 (ANI): Union Finance Minister Arun Jaitley while presenting the budget in the Lok Sabha on Saturday asked rich and wealthy to pay higher tax. Jaitley abolished the wealth tax but increased the surcharge to 2% on individuals earning Rs 1 crore and above annually and on firms with an annual income of Rs 10 crore or more.

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