India Publishes Finance (No. 2) Act 2019 Including Budget Measures

India has published the Finance (No. 2) Act 2019 in the Official Gazette, which was assented by the president on 1 August 2019. The measures of the Act are in line with those presented as part of the Union Budget for 2019-20, and include the following:

• The standard individual income tax brackets/rates are unchanged, although two higher surcharge rates are introduced, resulting in the following surcharge brackets:
  • over INR 5 million up to INR 10 million - 10%
  • over INR 10 million up to INR 20…