Sinha: Surcharge on super-rich fine
Listed private companies paid dividends of close to R60,000 crore to promoter groups in 2011-12. This is one chunk, FE had reported, which could be brought under the additional dividend tax.
Currently, the marginal tax rate for people with a taxable income above Rs 10 lakh per annum is 30%. As per information furnished by the finance ministry to the parliamentary standing committee, of the 32.4 million taxpayers, some 400,000 reporting taxable income higher than Rs 20 lakh, paid over Rs 93,000 crore as income tax in 2011-12 while the total personal income revenue stood at around Rs 1.7 lakh crore. This, it is reckoned, indicates the likely robust revenue gains a surcharge on the super-rich would bring. At present, taxpayers also pay an education cess of 3% on the tax paid.
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