"FM ABOLISHES WEALTH TAX; LEVYS 2% ADDL SURCHARGE ON SUPER RICH "
"In a budget, which PM Modi called as ‘pro-poor and pro-middle class budget’, Finance Minister Arun Jaitley has reduced some burden of the tax-payers by abolishing the wealth tax; but at the same time, in order to make-up for the revenue loss on account of that, he has proposed to extract it from the super-rich with a taxable income of over rupees one crore.
Now the ‘super rich’ with the income of more than Rs 1 cr will have to shed an additional 2% surcharge.
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