May 05, 2026 06:58 pm (IST)

Make this your homepage

All Finance

Jolt to TMC! Supreme Court rejects plea challenging central staff deployment at Bengal counting centres | Bangladesh MP warns of refugee crisis if BJP wins West Bengal polls | Diplomatic row: Bangladesh summons Indian envoy over Himanta Biswa Sarma remarks | Supreme Court grants Pawan Khera anticipatory bail in case over allegations against Himanta Biswa Sarma's wife | ‘Not necessary to humiliate me with arrest’: Pawan Khera to SC over remarks on Himanta Biswa Sarma’s wife | ‘Let’s not choose for people capable of choosing’: Supreme Court to Centre on teen pregnancy termination | I-PAC co-founder Vinesh Chandel gets bail after Bengal polls conclude | Exit Polls Give Bengal to BJP—But One Survey Begs to Differ | Big defence push: Rajnath Singh to hold high-stakes talks with Italy’s Defence Minister | “Voting without fear”: PM Modi hails record turnout in West Bengal polls

Surcharge on the super-rich to bring in Rs. 9,000 crore

India Blooms News Service | | Feb 28, 2015, at 11:04 pm

New Delhi, Feb 28(IBNS) Union Finance Minister Arun Jaitley has introduced a 2 per cent surcharge on income of the super-rich to earn revenues nine times more than he loses by abolishing the wealth tax.

In his budget speech in the Lok Sabha on Saturday, Jaitley announced that wealth tax was being replaced by a 2 per cent surcharge on people with a taxable income of over Rs. 1 crore.

The abolition of wealth tax will cost the government around Rs. 1,000 crore, but the super-rich surcharge is expected to bring a staggering Rs. 9,000 crore, he said.

Jaitley also proposed to cut corporate tax from 30 per cent to 25 per cent over the next four years.

#Arun Jaitley # General Budget # India economy

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.

India
International

Related Images

Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:41 pm

Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am

In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm