NEW DELHI: Stating that India is " largely a non-tax compliant society+ ," finance minister Arun Jaitley today sought to remedy that by reducing the base tax rate to 5 per cent from the earlier 10 per cent on income of between Rs 2.5 lakh to Rs 5 lakh.
The minister imposed a surcharge of 10 per cent for those whose annual income is Rs 50 lakh to Rs 1 crore. The 15% surcharge on incomes above Rs 1 crore will continue.
SOURCE: tIMES OF iNDIA
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