Super Rich Tax

Tesla CEO Elon Musk sold approximately $1.1 billion (roughly Rs. 8,190 crore) in shares of his electric car company, after indicating over the weekend he would sell 10 percent of his stock based on the results of a Twitter poll.

Officers of the IRS recommended raising the highest tax rate to 40 percent for people with annual income above Rs 10 million

Finance Minister Nirmala Sitharaman had proposed increasing the effective tax rate on individuals with taxable annual income of above Rs 2 crore($283,000) by about 3 per cent, and for those earning above Rs 5 croreby 7 per cent.

The government is likely to exempt foreign portfolio investors from an increase in taxes that was part of the Budget approved by Parliament but heavily criticised, news agency Reuters quoted a government official as saying on Thursday. The development came days after Finance Minister Nirmala Sitharaman said the government would soon hold discussion...

The S&P BSE Sensex and NSE Nifty 50 indexes nosedived in Thursday's session on the back of weak global cues after the US Federal Reserve rattled markets by signalling that its first rate cut in more than a decade was not the start of a lengthy easing cycle. The Sensex plunged as much as 787 points to trade below 37,000-mark for the first time since...

The S&P BSE Sensex and NSE Nifty 50 indexes nosedived in Thursday's session tracking weak global cues, after the US Federal Reserve rattled markets by signalling that its first rate cut in more than a decade was not the start of a lengthy easing cycle. The Sensex index plunged as much as 787 points to trade below the 37,000 mark for the first time ...

Ms Sitharaman said not more than 5,000 people are there in the super rich category in the country and the Union Budget 2019-20 has several measures to help start-ups.

The Sensex fell 560 points or 1.44 per cent to close at 38,337 and the NSE Nifty 50 Index dropped 1.53 per cent or 178 points to settle at 11,419.

While presenting the Union Budget for Financial Year 2019-20, Ms Sitharaman proposed to raise surcharge on the super-rich. Those with an annual income between Rs 2 crore and Rs 5 crore would be levied a surcharge of 25 per cent from 15 per cent previously.

There is, in principle, nothing wrong with richer people paying a bit more in income tax. But when, in her budget speech, Finance Minister Nirmala Sitharaman raised the surcharges on the super-rich, those taxpayers with an annual income of more than Rs 2 crore, it was - like much else with this government - badly thought through.

The S&P BSE Sensex and NSE Nifty 50 indexes plunged for a second straight session and were on track to post biggest single-day decline in over nine months after the government proposed to increase the minimum public shareholding in listed companies and to raise the tax incidence for foreign portfolio investors and high net-worth individuals in its ...

Justifying the raising of tax incidence on super-rich, the finance ministry said the highest tax rate in India was still lower than many countries, including the US and China, and it was a worldwide phenomenon to ask the super rich to pay extra tax.

Finance Minister Nirmala Sitharaman announced no changes in the income tax structure in the first Budget of Prime Minister Narendra Modi's second term. Leaving the income tax slabs and rates intact, Ms Sitharaman however proposed to enhance the surcharge on the super rich. The government enhanced the surcharge on individuals having taxable income a...

The government today increased the surcharge on the super-rich having an annual income of over Rs one crore by three per cent to 15 per cent.

Individuals with an annual income of above Rs 10 lakh but below Rs 1 crore have emerged as the biggest beneficiaries of the new taxation proposals, if they are aged below 60 years, while the super-rich above this age bracket will be hit the hardest.

Tesla CEO Elon Musk sold approximately $1.1 billion (roughly Rs. 8,190 crore) in shares of his electric car company, after indicating over the weekend he would sell 10 percent of his stock based on the results of a Twitter poll.

Officers of the IRS recommended raising the highest tax rate to 40 percent for people with annual income above Rs 10 million

Finance Minister Nirmala Sitharaman had proposed increasing the effective tax rate on individuals with taxable annual income of above Rs 2 crore($283,000) by about 3 per cent, and for those earning above Rs 5 croreby 7 per cent.

The government is likely to exempt foreign portfolio investors from an increase in taxes that was part of the Budget approved by Parliament but heavily criticised, news agency Reuters quoted a government official as saying on Thursday. The development came days after Finance Minister Nirmala Sitharaman said the government would soon hold discussion...

The S&P BSE Sensex and NSE Nifty 50 indexes nosedived in Thursday's session on the back of weak global cues after the US Federal Reserve rattled markets by signalling that its first rate cut in more than a decade was not the start of a lengthy easing cycle. The Sensex plunged as much as 787 points to trade below 37,000-mark for the first time since...

The S&P BSE Sensex and NSE Nifty 50 indexes nosedived in Thursday's session tracking weak global cues, after the US Federal Reserve rattled markets by signalling that its first rate cut in more than a decade was not the start of a lengthy easing cycle. The Sensex index plunged as much as 787 points to trade below the 37,000 mark for the first time ...

Ms Sitharaman said not more than 5,000 people are there in the super rich category in the country and the Union Budget 2019-20 has several measures to help start-ups.

The Sensex fell 560 points or 1.44 per cent to close at 38,337 and the NSE Nifty 50 Index dropped 1.53 per cent or 178 points to settle at 11,419.

While presenting the Union Budget for Financial Year 2019-20, Ms Sitharaman proposed to raise surcharge on the super-rich. Those with an annual income between Rs 2 crore and Rs 5 crore would be levied a surcharge of 25 per cent from 15 per cent previously.

There is, in principle, nothing wrong with richer people paying a bit more in income tax. But when, in her budget speech, Finance Minister Nirmala Sitharaman raised the surcharges on the super-rich, those taxpayers with an annual income of more than Rs 2 crore, it was - like much else with this government - badly thought through.

The S&P BSE Sensex and NSE Nifty 50 indexes plunged for a second straight session and were on track to post biggest single-day decline in over nine months after the government proposed to increase the minimum public shareholding in listed companies and to raise the tax incidence for foreign portfolio investors and high net-worth individuals in its ...

Justifying the raising of tax incidence on super-rich, the finance ministry said the highest tax rate in India was still lower than many countries, including the US and China, and it was a worldwide phenomenon to ask the super rich to pay extra tax.

Finance Minister Nirmala Sitharaman announced no changes in the income tax structure in the first Budget of Prime Minister Narendra Modi's second term. Leaving the income tax slabs and rates intact, Ms Sitharaman however proposed to enhance the surcharge on the super rich. The government enhanced the surcharge on individuals having taxable income a...

The government today increased the surcharge on the super-rich having an annual income of over Rs one crore by three per cent to 15 per cent.

Individuals with an annual income of above Rs 10 lakh but below Rs 1 crore have emerged as the biggest beneficiaries of the new taxation proposals, if they are aged below 60 years, while the super-rich above this age bracket will be hit the hardest.