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Indian super rich to pay more

Indian super rich to pay more.
Indian super rich to pay more.

Now the super rich in India will have to pay more India’s Finance Minister has imposed more taxes on them.

New Delhi, Feb 28/Nationalturk – The Indian super rich will have to pay more now as India’s Finance Minister P Chidambaram has imposed a surcharge of 10 per cent on the income of the super-rich.

“There are about 42,800 people in India, who admit to having a taxable income of over Rs. 100 crore a year,” Chidambaram said in his budget speech.

He imposed a surcharge of 10 per cent on the income of the super-rich.

“I believe there is a little bit of the spirit of business tycoon Azim Premji, chairman of Wipro and Azim Premji Foundation in every affluent tax payer,” Chidambaram  said.

Azim Premji is one of the richest men in India and known for his philanthropy.

Premji, who is Indian billionaire and ranked India’s third richest person with a fortune of over $13 billion, recently announced to donate $2.2 billion, or a 12% stake, in his IT outsourcerWipro, to a trust to fund his education-focused,  Azim Premji Foundation.

Premji had supported FM’s idea of more taxes on super rich

Premji had supported Finance Minister’s idea of increasing tax of super rich. He had said, “In terms of taxing the super-rich, I think there is legitimacy in a country as poor as ours”.

However, some super riches including Adi Godrej argued that any increase in taxes on rich will create a negative perception on investment and therefore should be avoided.

In the budget presented today, Indian Finance Minister kept the tax structure largely unchanged, only announcing a tax credit of Rs. 2000 for every person who has an annual income of up to Rs. 0.5 million and imposing 10% surcharge on persons with taxable income of over Rs. 1 crore.

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Faiz Ahmad / NationalTurk India News

 

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