Super rich taxed, Wealth tax abolished

Posted on 28th Feb 2015 03:17 pm by mohit kumar

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.

Other news

The Central Government rejected the allegations of Mamata, told why the action was taken on the former Chief Secretary of Bengal

The central government on Tuesday defended its move to summon former West Bengal chief secretary

Dhoni, Raina guide India to 6-0

Auckland, March 14 (IANS) A 196-run record fifth-wicket stand between captain Mahendra Singh Dh

Bihar Temple Stampede: Grim News from Nalanda Coincides with President's Visit; Stampede at Maghra Temple Leaves Eight Dead

While the entire administrative machinery was occupied with arrangements for the President’

A large part of the country is going to get relief from the scorching heat! Know where the clouds will rain

At present, there is severe heat in North India. Many parts of the country including the capital

India's Got Latent: Ali Goni reacted to Samay Raina deleting the videos, saying- he asked to delete all the episodes…

After Ranveer Allahabadia's objectionable statement on stand-up comedian Samay Raina's show 'Indi

'Mamata Banerjee does not have a son or daughter, she cannot understand the pain of losing a child'; Rape victim's mother bursts out in anger

Kolkata Doctor Murder Case. The mother of the female doctor who was brutally raped in Kolkata's g

Antilia Bomb Case: NIA Claims Former Police Officer Pradeep Sharma Is The Main Conspirator In The Murder Of Businessman Mansukh Hiren

Antilia Bomb Case: The National Investigation Agency (NIA) on Wednesday claimed in the High Court

Weather Updates Today: Orange alert for Idukki Dam in Kerala, snowfall in Himachal; Know Uttarakhand Weather

Weather Updates Today: The havoc of heavy rain is being seen in Kerala since yesterday. An orange

IPL 2025: Ashwin expressed displeasure over Rishabh Pant's decision, justified Digvesh Rathi's runout appeal

The last league match of IPL 2025 was full of excitement. Royal Challengers Bangalore (RCB) defea

58 commandos protect Ambani: Commandos are armed with automatic weapons, apart from these, 20 private guards deployed from Israel

The Supreme Court on June 29 stayed the direction issued by the Tripura High Court to the Central