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Super rich tax to be unveiled as part of DTC bill in cabinet on Thursday

Source : BUSINESS_STANDARD
Last Updated: Wed, Aug 21, 2013 13:44 hrs
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The super rich tax on those earning at least Rs 10 crore a year is likely to become part of the statute. The Cabinet may take up amendments to the Direct Taxes Bill, 2011 on Thursday.

The amendments include imposing 35% tax on those having an income of Rs 10 crore or more in a year. In the Budget for 2013-14, Finance Minister P Chidambaram had imposed surcharge of ten% on those earning at least Rs one crore in a year.

However, the slabs suggested by the standing committee may not be incorporated as it is.



Some widening of slabs could be considered but it might just be marginally higher than the current slabs of Rs 0-2 lakh, Rs 2-5 lakh, Rs 5-10 lakh and Rs 10 lakh & above. The standing committee had suggested four slabs of Rs 0-3 lakh, Rs 3-10 lakh, Rs 10-20 lakh and Rs 20 lakh & above, and said these should move with inflation.

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