New Delhi, Jul 5 : The Budget has kept the tax rates and slabs unchanged for the middle class..'Tax rates and slabs remain unchanged for the middle-class,' Finance Minister Nirmala Sitharaman said on Friday.
She said those earning more should contribute more, she said and announced two rates of surcharge on rich taxpayers. , Ms Sitharaman proposed to enhance the surcharge of three per cent on individual having taxable income between Rs 2 crore and Rs 5 crore.
For individuals earning more than Rs 5 crore a year, the applicable surcharge will be seven per cent.The government had given a rebate of Rs 12,500 in income tax making income up to Rs 5 lakh a year tax free. UNI