In the budget 2016, finance minister has increased the surcharge on income tax levied on individuals earning income of Rs 1 crore or more from 12 per cent at present to 15 per cent. This move is aimed at taxing the super rich
Currently, for HUFs and a resident individual below 60 years of age, income up to Rs 2,50,000 is exempt from tax, income from Rs 250,001 to Rs 5,00,000 is taxed at 10 per cent, from Rs 5,00,001 to Rs 10,00,000 at 20 per cent and above Rs 10 lakh at 30 per cent. A total cess of 3 per cent of the income tax payable is also levied. On income above Rs 1 crore a surcharge of 12 per cent of income tax is additionally levied on the income tax computed and then the 3 per cent cess is further levied on the total of tax plus surcharge.
Currently, for HUFs and a resident individual below 60 years of age, income up to Rs 2,50,000 is exempt from tax, income from Rs 250,001 to Rs 5,00,000 is taxed at 10 per cent, from Rs 5,00,001 to Rs 10,00,000 at 20 per cent and above Rs 10 lakh at 30 per cent. A total cess of 3 per cent of the income tax payable is also levied. On income above Rs 1 crore a surcharge of 12 per cent of income tax is additionally levied on the income tax computed and then the 3 per cent cess is further levied on the total of tax plus surcharge.
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