Budget 2019: Tax rates for individuals having taxable income from Rs. 2 cr - 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively

Budget 2019: Tax rates for individuals having taxable income from Rs. 2 cr - 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively

The effective tax rates for the higher income group individuals having taxable income from Rs. 2 crore to Rs. 5 crore and  Rs. 5 crore and above is proposed to be increased by around 3 percent and 7 percent  respectively. Presenting the General Budget 2019-20 in the Parliament today, Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman said, In view of rising income levels, those in the highest income bracket need to contribute more to the Nations development. Thanking the taxpayers, she said that they are playing a major role in Nation building.

Referring to several measures taken in the past to alleviate the tax burden on small and medium income earners, the Minister said, Those having annual income upto Rs. 5 lakh are not required to pay any income tax. This includes self-employed as well as small traders, salary earners, and senior citizens.