April 26, 2024 16:34 (IST)
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Surcharge on the super-rich to bring in Rs. 9,000 crore
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.
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