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.
More than 50 crore people have already taken baths in Maha Kumbh, but there is no sign of any kin
Union Home Minister Amit Shah is likely to visit Jammu and Kashmir this month as part of the Cent
Banks issue notices to Nagarjuna's studio to recover loans
Hyderabad, March 23 (IANS) Two public sector banks have issued notices to leading Telugu actor
Himachal to host conference of public service commissions
Shimla, March 5 (IANS) The Himachal Pradesh Public Service Commission (HPPSC) will host a three
In the Gyanvapi case, the petition of the Muslim side will be heard first. Varanasi Court has giv
Goa mines green clearance to be restored: Javadekar
New Delhi, March 17 (IANS) In a major development which c
Koffee With Karan 7 Release Date: Filmmaker Karan Johar has once again agreed to bring the 7th se
Joe Biden got confused on the stage, and forgot to get off, a lot of jokes is being made
US President Joe Biden has once again been embarrassed on the public stage. He was seen getting c
The issue of PM Cares Fund has cropped up once again. This time a petition has been filed in this
Taiwanese boys joining Ukraine's army: being martyred fighting Russia, reason told to China
The youth of Taiwan are also supporting Ukraine in the war being fought against Russia. Many boys
