Only 40,000 people have a declared income of above Rs 1 crore in the country.
In Budget 2019, Finance Minister Nirmala Sitharaman announced that the surcharge for those earning Rs 2-5 crore will be increased to 3 percent and for those earning above Rs 5 crore to 7 percent.
Only 40,000 people have a declared income of above Rs 1 crore in the country so this could be a move to clamp down on the people who don't disclosing their wealth.Vandana Ramnani chats with Moneycontrol's Deputy Executive Editor, Gaurav Choudhary to understand the rationale behind this tax surcharge.The Great Diwali Discount!
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