Taxing times for the rich

In the 2013-14 Union Budget, the then finance minister P Chidambaram, for the first time, coined and defined India’s super rich — a person with an income of over Rs 1 crore. And, he imposed a surcharge of 10 per cent on these individuals.
 
Four years later, Finance Minister Arun Jaitley, has created a new segment of taxpayers in the Union Budget 2017-18 — the rich — ones with income of Rs 50 lakh-1 crore and imposed a surcharge of 10 per cent. Taxpayers with income of Rs 1 crore and more, currently, pay a surcharge of 15 per