Employees More than 10,00,000 as their Taxable Income will pay Minimum 30,000 less tax.

As FM announce the budget 2009 there was cheer in the higher income employees group.

The reason for the cheer was abolition of 10% surcharge on the tax to be paid.

this surcharge is applicable only to the employees having taxable income more than 10,00,000.

effectively they will be paying 3% less tax around 30% of their total income in turn this will minimum save annually around 30,000 Rs from the the total tax.