Money Excel - Personal Finance Blog

Menu
MENUMENU
MENUMENU
  • Home
  • Business Ideas
    • 225 Small Business Ideas
    • 40 Online Business Ideas
    • 20 Business Ideas for Beginners
    • 20 small manufacturing business
    • 30 Food Business Ideas
    • 100 Business Ideas low investment
  • Stock Market
    • Best Demat & Trading Accounts 2021
    • Best Virtual Trading Apps
    • Best Stock Screener
    • Best Discount Brokers in India
    • Multibagger Stocks of LockDown
    • Rakesh Jhunjhunwala Portfolio
  • Mutual Funds
    • Best Mutual Funds 2021-22
    • Best Direct Mutual Fund Platform
    • Best Mutual Fund Mobile Apps
  • Incometax
    • Income Tax Calculator FY 2020-21
    • Latest Income Tax Slab FY 2021-22
    • Income Tax Refund Request
    • Pay Advance Tax Online
    • Download New 15G -15 H Forms
  • Investment
    • Best Investment Options 2021
    • Long Term Investment Options
    • Best Investment Regular Income
    • Best Investment Options NRI
  • Credit Card
    • Best Credit Cards 2021-22
    • Best credit card for online shopping
    • Best Forex Card in India
    • Best Business Credit Cards
    • Credit Cards against Fixed Deposit
  • Insurance
    • Best Term Insurance Plans 2021
    • Best Health Insurance 2021
    • Best LIC Policy 2021
    • Best Car Insurance Companies
    • Best Mobile Insurance Companies
  • Downloads
Home
Incometax
35% Tax Slab on Super Rich DTC Draft

35% Tax Slab on Super Rich DTC Draft

Raviraj Parekh July 5, 2020

super rich

Government is about to implement Direct Tax code. Revised draft of DTC is posted on finance ministry website today. As per new DTC draft exemption limit at Rs 2 lakh is kept as it is and forth slab is introduced for super rich. Draft said tax the super rich heavily.  Proposal is new tax slab of 35% for income exceeding Rs 10 crore.

In our earlier post we have debated a lot on taxing super rich at higher rate.

The DTC Committee had proposed following:-

Do not miss below posts -
  • Foreign Remittance New Tax Rule – Tax Collected at Source
  • How to pay TDS on sale of property?
  • Capital Gain Tax Calculator – Download
  • No tax on income of up to Rs 3 lakh per annum.
  • 10 % tax for  Rs 3-10 lakh
  • 20% tax for Rs 10-20 lakh
  • 30% on annual income beyond Rs 20 lakh
  • 35% on annual income beyond Rs 10 Crore

Bill also propose to lower age limit of senior citizen by 5 year from 65 years to 60 years.

Another suggestion given in draft is that foreign companies with more than 20 per cent assets in India will be subjected to domestic tax laws.

As per the current structure, there is no tax on income of up to Rs 2 lakh per annum. 10 % on Rs 2-5 lakh, 20 % on Rs 5-10 lakh and 30% on income beyond Rs 10 lakh

Recommendation given in draft may not be acceptable as it may lead to huge revenue loss. Total revenue loss worked out to be Rs 60,000 crore approximately.

Revised DTC draft was to taken up by the Cabinet in August 2013 but yet it has not come up for discussion because of differences over introducing a fourth slab for the super-rich.

DTC decision will be taken by next government may be in mid may after general election and formation of new government till than Super rich has to wait and watch.

Tweet
Share
Whatsapp
Pinterest
Prev Article
Next Article
Tags:35% tax slab super rich dtc dtc draft dtc super rich super rich super rich tax tax on super rich tax super rich

About The Author

Raviraj Parekh

Raviraj is the man behind moneyexcel.com. He is PGDBA, engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Leave a Reply Cancel Reply

IIFL Demat Account

Search

Top Posts & Pages

  • Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download
  • Rakesh Jhunjhunwala Portfolio Holdings - February 2021
  • 20 small manufacturing business ideas with low cost
  • Download Income Tax Calculator FY 2021-22 (AY 2022-23)
  • Cash Deposit Machine Locator – How to find CDM Near You?
  • How to check Property Records and Land Records online in India?
  • LIC Premium Paid Certificate Download For Income Tax Purpose - Online
  • 235 Small Business Ideas with Low Investment in 2021-22
  • 30 Food Business Ideas with low investment
  • 10 Best Small Trading Business Ideas

Subscribe to Blog via Email

Join 5,476 other subscribers

Follow MoneyExcel

Money Excel – Personal Finance Blog

Personal Finance Blog
Copyright © 2021 Money Excel - Personal Finance Blog
| About |Downloads | Contact Us | Sitemap | Disclaimer | Privacy Policy |