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.
Every match of IPL 2021 is now like a final for SRH, know why Rashid Khan said this
The UAE leg of IPL 2021 is starting from September 19. Half of the league phase is over and now a
Former Indian captain Mohammad Azharuddin has expressed concern over the Asia Cup match between I
Assembly by-elections: Criminal cases against 44 candidates, 77 crorepatis
Of the 235 candidates for assembly and Lok Sabha by-elections to be held in different states, 44
INTACH documenting traditional Jagannath pilgrimage route
Bhubaneswar, March 12 (IANS) The INTACH has started listi
The central government is going to up-skill 75 thousand people of NDMC of Delhi. Skill India will
The ODI World Cup is starting in India on October 5. The final of the tournament will be held on
There are 17 lakh new cases in the country in 29 days of Corona this month. The figure stood at 2
China has grown up on the pretext of an ongoing protest against central agricultural laws in Indi
Agra, March 13 (IANS) An engine got separated from its coaches here, disrupting railway traffic
Shah Rukh Khan- Nayanthara To Have Romantic Scenes in Jawan: Fans are eagerly waiting for the rel
