Super rich tax,other proposals to swell exchequer by Rs 18,000 crore | Deccan Chronicle
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Super rich tax,other proposals to swell exchequer by Rs 18,000 crore

PTI | 28th Feb 2013

New Delhi: New tax proposals including 10 per cent surcharge on super rich and higher duties on mobiles, cigarettes and SUVs will help government garner Rs 18,000 crore in 2013-14.

Finance Minister P. Chidambaram in his budget speech on Thursday said, "My tax proposals on the direct taxes side are estimated to yield Rs 13,300 crore and on the indirect taxes side Rs 4,700 crore."

As part of budget proposals for direct taxes, the Finance Minister imposed a surcharge of 10 per cent on persons (other than companies) whose taxable income exceeds Rs 1crore.

Besides, surcharge has been doubled to 10 per cent on domestic companies whose taxable income exceeds Rs 10 crore.

For foreign companies, surcharge has been raised from 2 per cent to 5 per cent, if the taxable income exceeds Rs 10 crore.

These additional surcharges would be in force for only one year.

However, education cess would continue at 3 per cent.

At the same time, the Finance Minister has provided tax relief of Rs 2,000 for the Tax Payers in the first bracket of Rs 2 lakh to Rs 5 lakh.

With regards to indirect taxes, the Finance Minister proposed raising excise duty on SUVs from 27 per cent to 30 per cent while on mobile phones priced above Rs 2,000 it has been raised to 6 per cent from the current 1 per cent.

Cigarettes will cost more as specific excise duty increased by about 18 per cent. Similar increases are proposed on cigars and cigarillos. 

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citizenofindia's picture
by citizenofindia (not verified) on
It is 65 years since we have got independence. There are lakhs and lakhs of super rich agriculturists and people evading the correct payment of income tax under the garb of agricultural income. Most of our parliamentarians probably would be falling under this category of income tax payers who do not pay the right amount of income tax concealing under the garb of agricultural income. No government so far has taken the bold step of identifying the super rich agriculturists who as per a few panelists on discussion in a television channel own a fleet of super premium cost cars like Benz, Audi, BMW and Volvo and yet do not pay income tax simply because they are not expected to just because they are agriculturists? Is it not gross injustice to the honest income tax payer? Probably it would need a massive protest rally from Sri Anna Hazareji to make these super rich agriculturists to pay income tax who have all these years caused great loss to our exchequer and thereby reducing the real growth of India.

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