INSUBCONTINENT EXCLUSIVE:
Finance Minister Nirmala Sitharaman proposed to enhance the surcharge on the super-richPresenting the Budget 2019 in Parliament, Finance
Minister Nirmala Sitharaman recalled PM Narendra Modi government's efforts over the past five years to alleviate the tax burden on small
and medium income earners
"We have taken several measures in the past to alleviate the tax burden on small and medium income-earners as those having annual income up
to Rs 5 lakh are not required to pay any income-tax," she said
In the interim Budget, which was presented on February 1, government had announced full tax rebate for individuals with net taxable income
Leaving the income tax slabs and rates intact, Ms Sitharaman however proposed to enhance the surcharge on the super-rich."We are thankful to
the taxpayers who play a major role in nation building by paying their taxes
However, in view of rising income levels, those in the highest income brackets, need to contribute more to the nation's development," Ms
Also, 2 per cent TDS on cash withdrawals exceeding Rs 1 crore and mandatory filing of returns by certain category of individuals was brought
in with a view to tighten compliance.Get Breaking news, live coverage, and Latest News from India and around the world on
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