Budget 2019: More Income Tax slapped on salaried individuals earning annual package above this range

The Budget 2019 was full of surprises, but not all were of positive kind. Union Finance Minister Nirmala Sitharaman in her maiden Budget speech announced that there will be a surcharge on individuals having taxable income above Rs 2 crore per annum. Here are the details:-

For annual income Rs 2-5 crore: 3% surcharge

For annual income above Rs 5 crore: 7% surcharge

"Surcharge on individuals having taxable income from 2 crore - 5 crore and 5 crore and above to be enhanced, so that effective tax rate will increase by around 3% and 7% respectively,"  said FM Nirmala Sitharaman.

Moreover, Sitharaman has announced that faceless income tax assessment in electronic mode involving no human interface to be launched this year in a phased manner to reduce taxpayer harassment.

"PAN and Aadhaar to be made interchangeable for convenience of tax payers and Income Tax returns can now on be filed using Aadhaar number, if PAN card not available," Finance Minister Nirmala Sitharaman announced.