Chidambaram introduces super rich tax

Finance Minister P Chidambaram has proposed a 10 per cent surcharge on individual income of over Rs 1 crore in Budget 2013.

Chidambaram said that the super-rich tax would be only applicable for one year.

The finance minister has announced a tax credit of Rs 2,000 for income up to Rs 5 lakh.

Companies with income of over Rs 10 crore per cent  will also have to pay a 10 per cent tax surcharge.