Finance Minister Nirmala Sitharaman announced no changes in the income tax structure in the first Budget of Prime Minister Narendra Modi's second term. Leaving the income tax slabs and rates intact, Ms Sitharaman, however, proposed to enhance the surcharge on the super rich. The government enhanced the surcharge on individuals having taxable income above Rs. 2 crore and up to Rs. 5 crore, and taxable income above Rs. 5 crore, to increase their effective tax rates by around 3 per cent and 7 per cent respectively.
