Surcharge hiked to 15% for income over ₹1 crore
In the Union Budget presented today, the surcharge on the income tax of individuals earning over ₹1 crore has been raised to 15% from the existing 12%. Further, a surcharge of 1% will be levied on the purchase of luxury cars costing over ₹10 lakh and in-cash purchase of goods and services over ₹2 lakh.