<p>Finance Minister P. Chidambaram Thursday proposed to levy a surcharge of 10 percent on individuals whose annual taxable incomes exceed Rs.1 crore. <br /><br /></p>.<p>The surcharge will be levied for the 2013-14 financial year. <br />Presenting the union budget 2013-14 to the lower house of the parliament, Chidambaram said there are only 42,800 individuals in the country who will be liable to pay the surcharge.<br /><br />The finance minister urged such high networth individuals to follow the example of industrialist Azim Premjee, who last week gave $2.3 billion to an education charity he controls, reportedly the biggest charitable donation in the country's recent history. <br /><br />Chidambaram also increased the surcharge on domestic companies whose annual income crosses Rs.10 crore from five percent to 10 percent. <br /></p>
<p>Finance Minister P. Chidambaram Thursday proposed to levy a surcharge of 10 percent on individuals whose annual taxable incomes exceed Rs.1 crore. <br /><br /></p>.<p>The surcharge will be levied for the 2013-14 financial year. <br />Presenting the union budget 2013-14 to the lower house of the parliament, Chidambaram said there are only 42,800 individuals in the country who will be liable to pay the surcharge.<br /><br />The finance minister urged such high networth individuals to follow the example of industrialist Azim Premjee, who last week gave $2.3 billion to an education charity he controls, reportedly the biggest charitable donation in the country's recent history. <br /><br />Chidambaram also increased the surcharge on domestic companies whose annual income crosses Rs.10 crore from five percent to 10 percent. <br /></p>