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

Now Foreign Minister Jaishankar will travel in a bulletproof car with commandos, security increased amid India-Pak tension.

The central government has increased the security of External Affairs Minister S Jaishankar. ANI

Patients crossed the 40 lakh mark, a record 87 thousand 115 cases were found in 24 hours, 69 thousand people were cured; So far, 69 thousand 635 deaths in the country

The figure of Corona patients in the country crossed 40 lakh on Friday. So far, 40 lakh 17 thousa

Broken Rice Export: Broken rice can be exported with conditions till September 30, the government approved

The government has now permitted for export of broken rice till 30 September. But this can be don

Sonam Wangchuk's arrest case reaches the Supreme Court, wife Geetanjali files a petition.

The wife of social activist and education reformer Sonam Wangchuk, arrested in the Union Territor

Captain Cool got angry: Mukesh did not bowl according to the field in the 20th over against SRH, Mahi went and explained

Mahendra Singh Dhoni has always been known for his calm nature. While captaining for the first ti

29th day of the attack on Ukraine: Zelensky appealed to the world for the first time in English, said - to stop Russia, leave the homes and offices

The war between Russia and Ukraine continues for the 29th day. Meanwhile, President Zelensky's vi

Corona became infected even after both doses of vaccine, told- Recovery becomes much easier after vaccine

Dr. Puneet Tandon, a pathology specialist at Gandhi Medical College, administered both doses of t

Himachal Rain: Terrible scene in Kullu, three buildings collapsed like cards; Watch the havoc of the disaster in the video

Heavy Rain in Himachal: The rain has created a ruckus in Himachal Pradesh. It has been raining co

Do something different, C.N.R. Rao tells students

Roorkee (Uttarakhand), March 28 (IANS) Eminent scientist C.N.R. Rao has asked students to take

Zika Virus: Zika virus knocks in Karnataka, 5-year-old girl infected, health department on alert

After Coronavirus, now Zika virus has also been knocked down in the country. Its first case has c