Budget 2013: 5-10 pc surcharge on domestic companies with income exceeding Rs 10 crore

BUDGET 2013 announcement: Finance minister P Chidambaram said that cutting expenditures is not the answer for fiscal consolidation. Whenever necessary, revenues need to be augmented.

He proposed 10 pc surcharge on individuals with annual income of over Rs 1 crore and a surcharge of 5-10 pc on domestic companies whose income exceeded Rs 10 crore.