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Proposed hike in tax on crorepatis will pinch many lawyers

Monday, July 8, 2019, 2:43 PM

Lawyers will constitute the largest group of individual professionals who will be affected by a steep hike in tax rate on crorepatis, which was proposed in the budget. The proposed tax rate of 39% on an annual income of Rs 2-5 crore and 42.7% on annual income of over Rs 5 crore would be applicable to many well-known figures in the legal world.

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