Govt abolishes super tax: details here

The government has announced to abolish the supertax in the budget 2026-27, announced the finance minister during the session today.

During the budget session today, the finance minister announced that for individuals earning between Rs2.2 million and Rs3.2 million annually, the tax rate has been reduced from 23 per cent to 20 per cent.

Those who are earning between Rs3.2 million and Rs4.1 million, the rate has been cut from 30 per cent to 25 per cent.

Those who are earning in the Rs4.1 million to Rs5.6 million bracket will now pay 29 per cent tax instead of 35 per cent.

In addition to this, those who are earning Rs5.6 million to Rs7 million annually. The rate has been reduced from 35 per cent to 32 per cent.

The government has also decided to abolish the surcharge imposed on the salaried class, according to the details.