Budget 2013 Highlights: Rich taxpayers to pay 10% surcharge

Finance Minister P Chidambaram introduced a surcharge of 10 percent on rich taxpayers with an annual income of more than 10 million rupees a year in his budget speech on Thursday.

"This will apply to individuals, firms and entities," Chidambaram said in parliament.
"There are 42,800 persons in the country, who admitted to a taxable income exceeding 1 crore (10 million) rupees per year."
Chidambaram also said the 15 pct tax concession on dividend received by India companies from foreign units would continue for one more year.
The education cess will also continue at 3 percent, he said.