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 Nirm Sitharn decided to increase the levy on rich taxpayers, leaving the liability of others unchanged.


Under the new tax re gie, 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 whop 42.74%. This is more than the US, where the mamum rate is 37%, which triggers over an income of $600,000 (Rs 4 crore approx). Though the tax slabs haven’t changed offi ally, 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 go nment???



Ne lle 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



Ne lle 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 sried middle class earns more than 2 cr?



Sitakanta Mahapatro

Since last 6 years this gov is squeezed as much as they can from Middle class


manjeetnandal• Haryana

Are you kidding me? Earning between 2 to 5 crore and being middle class...Dont be too Greedy




mrinesh lal

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.



Jaswinder Singh

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 sion. 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 sried 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 Kth • Udupi • 6 hours ago

Tang rich to almost half of their earnings is something unwarranted..



Pramodh Adhikary • 7 hours ago

Is India going socialist ...... ?



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