Budget 2019: Super-rich tax may impact 1,000 head honchos

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

The surcharge on income-tax (IT) for the super-rich proposed during the Budget is likely to impact 1,000 executives in corporate India.

According to a report in Business Standard, top executives affected by this move are Tech Mahindra Managing Director and CEO CP Gurnani, L&T Chairman AM Naik, Sun TV Chairman Kalanithi Maran and JSW Steel's Sajjan Jindal.

Moneycontrol could not independently verify the story.

Also read: Viewpoint | Key implications for the taxpayer from Budget 2019

The I-T rate on those with an annual income between Rs 2 and 5 crore is now 39 percent, while individuals earning above Rs 5 crore are now charged 42.74 percent.

The report cited data from digital corporate database Capitaline.

Over 588 executives in listed companies earned between Rs 2 and 5 crore in FY18, while 366 have an annual income of over Rs 5 crore, the research indicated.

Over 80,000 individual taxpayers in India earn over Rs 1 crore, the report added.