Hard times are approaching for Indian millionaires. The Indian government is on the verge of proposing a higher tax rate for the upper echelons of the population, including a rate of 35% for those earning more than Rs 100 million and a heavier burden for those earning more than Rs 500 million. The Direct Taxes Code (DTC) bill is expected to replace legislation more than fifty years old and will be discussed in government this week four years after the first discussions on the matter. The new law also provides for an extension of taxable income: in addition to real estate, jewellery, cars and cash, New Delhi has decided to include financial assets for the first time.
India, imminent tax for the super rich
Hard times are approaching for Indian millionaires: the Indian government is reportedly about to propose higher taxes for the highest segment of the population, including a tax rate of 35% for those earning more than 100 million rupees and a heavier burden for those earning more than 500 million.
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