India unveiled plans to increase taxes on the rich and luxury cars in a bid to increase revenue as a slowdown in growth makes it harder for Asia's third largest economy to plug a yawning budget deficit.
Finance Minister P. Chidambaram said he had no choice but to impose a 10% tax surcharge for one year on taxable income of more than 10 million rupees, or about $186,000. Some 42,800 taxpayers would be affected, he said.
"When I need to raise resources, who can I go to except those who are relatively well placed in society?" he said in a speech to parliament Wednesday.
Chidambaram doubled an existing surcharge on some domestic firms to 10%. Foreign companies that already pay a higher corporate tax rate will face a new surcharge of 5%, up from 2% at present.
For more Information Plz log on to www.rpshares.com
Finance Minister P. Chidambaram said he had no choice but to impose a 10% tax surcharge for one year on taxable income of more than 10 million rupees, or about $186,000. Some 42,800 taxpayers would be affected, he said.
"When I need to raise resources, who can I go to except those who are relatively well placed in society?" he said in a speech to parliament Wednesday.
Chidambaram doubled an existing surcharge on some domestic firms to 10%. Foreign companies that already pay a higher corporate tax rate will face a new surcharge of 5%, up from 2% at present.
For more Information Plz log on to www.rpshares.com
No comments:
Post a Comment