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Higher surcharge effective from April 1: Super-rich need to pay interest on June advance tax

The super-rich will have to pay interest on the advance tax installment that was due on June 15, in line with their increased liability on the back of higher surcharge announced in Budget 2019. The surcharge will be effective from April 1. There is no specific waiver from additional interest liability. The government has proposed to increase the surcharge levied from 15% to 25% for those with taxable incomes between Rs 2 crore and Rs 5 crore, and to 37% for those earning more than Rs 5 crore, taking the effective tax rate for them to 39% and 42.74%, respectively. 

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