Sinha: Surcharge on super-rich fine
Finance minister P Chidambaram recently gave credence to the idea of increasing the tax on the super-rich a bit to address the fall in revenue buoyancy, saying that the “argument was worth considering”. FE had earlier reported on the finance ministry’s plan to have a surcharge for a defined category of super-rich taxpayers and an idea doing the rounds in the ministry to tax the dividend income beyond a certain threshold, say, R20 lakh, in the hands of the receiver also at the same rate as it is taxed at the giver’s end.
Currently, companies pay 15% dividend distribution tax but the dividend is tax-free in the receiver’s hands. If the proposal is cleared, the new impost would be levied only sparingly so that it impacts only the really affluent like promoters of large
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