(4) The Union Budget 2015-16, on 28 February 2015, increased the surcharge to 12 per cent on individuals earning Rs 1 crore and above annually and on firms with an annual income of Rs 10 crore or more. A surcharge of 10 per cent on taxable income of Rs 1 crore and above was imposed in 2013-14 by the then Finance Minister P Chidambaram.