Tax on super rich ought to be revised in full budget: Chidambaram

Finance Minister P Chidambaram said on Monday a tax on the super rich ought to be revised when the full budget is prepared after elections due by May.

Mr Chidambaram, who presented an interim budget to Parliament, introduced a surcharge of 10 percent last year on those with taxable incomes of more than Rs 1 crore.

The term 'super rich' was coined by Mr Chidambaram last year to identify individuals, HUFs, firms and entities whose taxable income exceeds over Rs 1 crore per year.
"In keeping with the conventions, I do not propose to make any announcements regarding changes to the tax laws," Mr Chidambaram said while presenting the interim budget for 2014-15.

Similarly, domestic companies, whose taxable income exceeds Rs 10 crore per year, will not have to pay a 5 per cent surcharge imposed last year.