New Delhi, Feb 28 (IANS) Union Finance Minister Arun Jaitley Saturday proposed to abolish the wealth tax and proposed two percent surcharge on the super rich.
Presenting the budget for 2015-16, Jaitley said the government's goal is to have "minimum government and maximum governance" with the focus on ease of doing business and simplifying tax procedures.
"The total wealth tax collection in the country was Rs.1,008 crore in 2013-14. Should a tax which leads to high cost of collection and a low yield be continued or should it be replaced with a low cost and higher yield tax?" he posed.
Announcing the abolishment of wealth tax, Jaitley said it would be replaced with an additional surcharge of two percent on the super-rich with a taxable income of over Rs.1 crore.
He said the surcharge would fetch tax revenue of around Rs.9,000 crore.
This will lead to tax simplification and enable the department to focus more on ensuring tax compliance and widening the tax base, he said.
"Further, to track the wealth held by individuals and entities, the information regarding the assets which are currently required to be furnished in wealth tax return will be captured in the income tax returns. This will ensure that the abolition of wealth tax does not lead to escape of any income from the tax net," he said.
Samsung's smartphone is getting cheaper, this phone of Vivo will compete
New Delhi: Samsung recently launched Galaxy A51 in 8 GB RAM and 128GB storage variants. But now c
Controversy is increasing over the wearing of hijab by girls in schools and colleges in Karnataka
Delhi: The lab will have to submit the investigation report of the corona in 48 hours
The Delhi government has ordered that the investigation report of the corona virus should arrive
The Health Department is increasing the list of children and adolescents along with vaccination.
Dinesh Karthik's bat, who returned to Team India at the age of 37, spoke fiercely in the series a
Inside Story: Pakistan will hit the stomach of the poor to get a loan of $ 7 billion from the IMF!
Pakistan is helpless to press the burden of debt to escape from its plight. Pakistan is currently
US President Joe Biden is currently on a tour of Europe. During this, he also met King Charles II
The fourth round of talks took place on the 19th day of the war between Russia and Ukraine. These
The heavy police force is deployed across the district in connection with incidents related to Jo
The wreckage of Nepal's Tara Airlines, which crashed on Sunday, was found on Monday (May 30). The
