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.

0 Like 0 Dislike
Previous news Next news
Other news

High alert after the terrorist attack in Israel, fear of violence before Ramadan

Israeli security forces and agencies are on high alert after a Palestinian attacker killed five p

America election: seal of Biden's victory, what will Trump do now

Joe Biden's victory in the US presidential election has been formally confirmed. Electoral colleg

Mahavir Jayanti 2023: When is Mahavir Jayanti? Know the date, worship, and their principles

According to the Panchang, the birth anniversary of Lord Mahavira, the 24th and last Tirthankara

India Canada Row: E-Visa service for Canadian citizens restored, S Jaishankar said - the situation is better than before

India Canada Row The rift between India and Canada has increased significantly in the last few mo

Chennai lost due to Dhoni's slow batting: CSK, moving towards 200 runs, could only make 150, Mahi's 26 runs off 28 balls

Mahendra Singh Dhoni is called the greatest finisher in the world of cricket. Fans were hoping th

Weather Woes: North India is boiling with intense heat, temperature in Delhi is near 50 degrees; above 50 in Churu

North India is boiling with the fire raining from the sky. The mercury in Churu, Rajasthan has cr

Uproar over Imran's Uteron on Sugar-cotton imports from India; PAK businessmen say - will be ruined

Pakistan is finding it expensive to take Uteron on the decision to approve the import of sugar an

Parliament Breach Case: 'Now the time has come near', Sagar Sharma's diary comes out, secrets will be revealed

Another major revelation has come to light in the security lapse case in Parliament. The diary ha

Italy's PM Meloni made Nazi supporter minister: brought a law to ban parties like the Rev; Expert said - rights in danger

Italy's first right-wing prime minister, Giorgia Meloni, has been embroiled in controversy just t

UP: 'Do not run a bulldozer on any poor's hut shop, CM Yogi's instructions to the officers

UP Chief Minister Yogi Adityanath has given strict instructions to the officers not to run bulldo

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash