Good news for the super rich: Here is what the govt has to say on reduction of peak surcharge rate from 37% to 25%

Speaking at the press briefing after the presentation of the Union Budget, bureaucrats of the finance ministry said that the move to cut peak surcharge from 37% to 25% is not a one way benefit of the super rich. Officials said that the move to cut the peak surcharge rate goes hand in hand with the move to reduce opportunities for tax exemptions and avoidance for the high net worth individuals. This means, that while the peak rates have been reduced, the HNI individuals have fewer opportunities to claim exemptions that they have been using till now to pay less taxes.