Posts Tagged ‘tax super rich’

35% Tax Slab on Super Rich DTC Draft

35% Tax Slab on Super Rich DTC Draft

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 […]


Tax the super-rich at a higher rate

Tax the super-rich at a higher rate

Recently we have seen recommendation of FICCI on income tax rate change in post New Tax Slab – I wish. As per FICCI highest income tax rate of 30 percent should be levied on income above Rs 20 lakh as against Rs 10 lakh currently. Another recommendation is given by C Rangarajan, a key economic advisor to Prime Minister Manmohan Singh that government could consider imposing a marginal tax rate higher than the current 30% on those with “substantially higher income”. This […]