February 12, 2026 01:43 am (IST)

Make this your homepage

All Finance

Bangladesh poll manifestos mirror India’s welfare schemes as BNP, Jamaat bet big on women, freebies | Drama ends: Pakistan makes U-turn on India boycott, to play T20 World Cup clash as per schedule | ‘Won’t allow any impediment in SIR’: Supreme Court pulls up Mamata govt over delay in sharing officers’ details | India-US trade deal: ‘Negotiations always two-way’, says Amul MD amid farmers’ concerns | Khamenei breaks 37-year-old ritual for first time amid escalating Iran-US tensions | India must push for energy independence amid global uncertainty: Vedanta chairman Anil Agarwal | Kanpur horror: Lamborghini driven by businessman’s son rams vehicles, injures six | ‘Namaste Trump beat Howdy Modi’: Congress slams PM Over India-US trade deal | Historic India-US trade pact: Tariffs cut, $500B market opportunity unlocked! | Big call from RBI: Repo rate stays at 5.25%, neutral stance continues

Surcharge on the super-rich to bring in Rs. 9,000 crore

India Blooms News Service | | Feb 28, 2015, at 11:04 pm

#Arun Jaitley # General Budget # India economy

New Delhi, Feb 28(IBNS) Union Finance Minister Arun Jaitley has introduced a 2 per cent surcharge on income of the super-rich to earn revenues nine times more than he loses by abolishing the wealth tax.

In his budget speech in the Lok Sabha on Saturday, Jaitley announced that wealth tax was being replaced by a 2 per cent surcharge on people with a taxable income of over Rs. 1 crore.

The abolition of wealth tax will cost the government around Rs. 1,000 crore, but the super-rich surcharge is expected to bring a staggering Rs. 9,000 crore, he said.

Jaitley also proposed to cut corporate tax from 30 per cent to 25 per cent over the next four years.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.

India
International

Related Images

Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:41 pm

Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am

In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm