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Indian rich may have to pay more taxes

Indian rich may have to pay more taxes.
Indian rich may have to pay more taxes.

The Indian government may propose more taxes for rich people in the country.

New Delhi, Jan 7/ Nationalturk – The Indian rich people may have to pay more taxes as country’s government is mulling to proposed heavy taxes for super rich class.

According to wire news agency, PTI, Indian Prime Minister’s economic advisor C Rangarajan has pitched for higher rates of taxes for super rich.

“One need not disturb the structure of Income Tax system in the country as it is now. However, we should add a surcharge for income above particular level,” he said.

He said he believes that the government needs to raise more revenues and the people with larger incomes must be willing to contribute more”.

Rangarajan, who is an economic expert, said the forthcoming Indian budget could look at imposing surcharge on income above a threshold.

India taxes income at three rates

India taxes income at three rates – 10 per cent, 20 per cent and 30 per cent. These rates were fixed in 1997.

There have been repeated calls within India that rich people should pay more taxes. People have been demanding that rich people should pay more tax as they enjoy more amenities and more facilities.

Now it needs to be seen whether Indian government proposes higher taxes for rich of the country and whether there is any resentment from the rich or super rich class.

Indian business tycoon Mukesh Ambani is the 18th world richest person in the world.

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Faiz Ahmad / NationalTurk India News

 

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