Chidambaram proposes 10 pc surcharge on super-rich
business 04:18
The proposal will cover 42,800 individuals and entities.
"When I need to raise resources, who can I go to except those who are well placed in society. Only 42,800 persons in the whole country who admitted to a taxable income of exceeding Rs one crore per year.
"I propose to impose a surcharge of 10 per cent on persons whose taxable income exceeds Rs 1 crore per year," he said while unveiling Budget proposals for 2013-14.
The proposal to tax the super-rich was mooted by Prime Minister's Economic Advisory Council Chairman C Rangarajan and found echo in Wipro Chairman Azim Premji.
"I believe there is a little bit of spirit of Azim Premji in every affluent taxpayers and I am confident when I ask relatively affluent taxpayers to bear a small burden for one year they will do so cheerfully," he said, adding the tax proposal will be only for one year.
He further said, "fiscal consolidation cannot be effected only by cutting expenditure. Where ever possible, revenues must also be augmented."
The surcharge will apply to individuals, HUFs, firms and entities with similar tax status, he added.
India to get first all-women bank by Oct: FM
By the end of this year India is all set to get an all-women bank with the government announcing an initial capital of Rs 1,000 crore for the purpose.
Announcing the Budget proposals for 2013-14, Finance Minister P Chidambaram said the bank is likely to be set by October this year.
"I...propose to set up India's first women bank as the public sector. I shall provide Rs 1,000 crore as initial capital. I hope to obtain the necessary approval and banking licence by October, 2013," he said.
The proposed bank will lend mostly to women and women run businesses, support women SHGs and women’s livelihood, he said.
It will employ predominately women which addresses the gender related issues and empowerment and financial inclusion, he added.
Stocks of Capital Goods firms rise on Budget proposals
Stocks of companies in the Capital Goods business gained as much as 3 percent after the Union Budget proposed to allow deductions on investments in plants and machinery.
The Budget 2013-14, presented by Finance Minister P Chidambaram, proposed that a company investing Rs 100 crore or more in plant and machinery from 1st April 2013 to 31st March 2015 will be allowed 15 percent investment deduction allowance apart from depreciation.
Posted by Unknown
on 04:18.
Filed under
