India’s wealthy get demonetised again
NEW DELHI: In the last few years, there’s been a buzz about the possible imposition of an inheritance tax. But instead of going down that road, finance minister Nirmala Sitharaman decided to increase the levy on rich taxpayers, leaving the liability of others unchanged.
Under the new tax regime, those with income between Rs 2 crore and Rs 5 crore will pay tax at the rate of 39%, and those earning more than Rs 5 crore will have to pay tax at a whopping 42.74%. This is more than the US, where the maximum rate is 37%, which triggers over an income of $600,000 (Rs 4 crore approx). Though the tax slabs haven’t changed officially, rates have — because a tax surcharge of 25% has been imposed when income is between Rs 2 crore and Rs 5 crore. If income exceeds Rs 5 crore, the surcharge on tax is 37%. Besides this, there is a health and education cess of 4%, which will continue to be levied on income tax, including surcharge.
Vande Matram Earth • 10 hours ago
Tax the successful people, and give away stuff to freeloading losers.
Divakar Canchi• 2 hours ago
Sorry to say, looks like you are living on alms of others.
Shekar• India • 22 mins ago
Tax payment is honest duty of civilised society. It is just a way that a person who earns, honestly shares with with others and thereby becomes a pillar for the development of society as a whole. Are you thinking that infrastructure, education and other social benefits come out of free for government???
Neville Jerome• 4 hours ago
The best way to increase tax revenue is to reduce evasion among small retail traders and farmers. But rather than doing that, she has targeted the middle class.
Madan Mohan Siddhanthi • Mumbai • 9 hours ago
Kick the working and feed the lazy NEW ROBIN HOOD of India
Neville Jerome• 5 hours ago
At least she didn''t imposed estate tax and inheritance tax. It would have been catastrophic.
S Loganathan• 2 hours ago
That is kept for next year.
hepaticencep• Location • 5 hours ago
Which salaried middle class earns more than 2 cr?
Since last 6 years this gov is squeezed as much as they can from Middle class
Are you kidding me? Earning between 2 to 5 crore and being middle class...Dont be too Greedy
Any irresponsible decision always strikes back at someone else. You would think tax collected will increase with this. I think people will hide more tax from authorities, and more black money and offshore investment will increase. People will have low threshold for migration to other countries. We lose in the end.
Why not Parliamentarians have 40% taxes.
BOOTOUT SARKAARICLASS• ChowkidarJail • 4 hours ago
They will show zero income.
jha• 249 • 7 hours ago
Make the honest hardworking successful people work harder to pay for the lazy unambitious lot.
pritam b• 6 hours ago
I feel this lady is not suitable for FM post wrong selection. Economy has allready hit with Demo/GST.
Arati Govindu• Location • 6 hours ago
If economy was hit, how come BJP got a full majority?
Shaikh Suhail• 1 hour ago
By fraudulent ways. They are cheaters.
Rajesh • 9 hours ago
No relief to salaried persons or middle class on income tax . The inflation and high rates of GST. has depleted their wealth resulting in reduced purchasing power little or no savings. Worst conditions to survive in India.
Ramesh • Bangalore • 5 hours ago
"The more you legally earn, the more I tax. The more you illegally earn, say by doing scam, taking bribes, involving in corrupt activities, etc. no tax at all."!
Okay • 4 hours ago
42% is almost half the income. How do you expect people to be honest if the govt policy is like this?
Dreet • 4 hours ago
Time to emigrate to Canada.Hahaha
Tiger • New Delhi • 6 hours ago
Crime to be rich in this country!!!
Ashok Kamath • Udupi • 6 hours ago
Taxing rich to almost half of their earnings is something unwarranted..
Pramodh Adhikary • 7 hours ago
Is India going socialist ...... ?