Surcharge on income above Rs. 1 crore raised to 15%

The Finance Minister Shri Arun Jaitley has announced that the surcharge will be raised from 12% to 15% on persons, other than companies, firms and cooperative societies having income above Rs.1 Crore, he said.

Shri Jaitley said that tax will be deducted at source @ 1% on purchase of luxury cars exceeding value of Rs.10 lakh and purchase of goods and services in cash exceeding Rs.2 lakh.

Source : Equity Bulls

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