India's Union Budget for 2019-20 was presented to Parliament on 5 July 2019. Some of the main aspects of the Budget include:
- The standard individual income tax brackets/rates are unchanged, although there is a proposed introduction of two higher surcharge rates in addition to the current 10% and 15% rates, resulting in the following surcharge brackets:
- over INR 5 million up to INR 10 million - 10%
- over INR 10 million up to INR 20 million - 15%
- over INR 20 million up to INR 50 million - 25%
- o…