India's highest personal tax rate still lower than those in China, US: Govt

Following the increase in surcharge, the effective income tax rate for individuals with taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent

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Revenue Secretary Ajay Bhushan Pandey sought to justify the Budget proposal to increase surcharge on super-rich

 Budget 2019: Justifying raising of tax incidence on super rich, the finance ministry said the highest tax rate in India was still lower than many countries, including the US and China, and it was a worldwide phenomenon to ask the super rich to pay extra tax.

Revenue Secretary Ajay Bhushan Pandey sought to justify the Budget proposal to increase surcharge on super-rich saying that the highest tax individual tax rate is 45 per cent in China and South Africa, and 50.3 per cent in the US.

Finance Minister Nirmala Sitharaman in the Budget for 2019-20 presented last week proposed to increase surcharge from 15 per cent to 25 per cent on taxable income between...read more

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