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To be wealthy in India you need 
30 Lakhs
By siliconindia
|
Tuesday, 07 July 2009, 21:23 IST |
2 Comments
30 lakh or 3 million by the government. Finance Minister Pranab Mukherjee has proposed to amend a section of the Wealth Tax Act relevant to this.
Currently wealth tax is charged on "every individual, Hindu undivided family and company at the rate of one percent," of the amount by which their net wealth exceeds Rs 15 lakh. The limit for this tax will be Rs 30 lakh from April 1, 2010 onwards. Proposal for amending certain provisions related to agreement for avoidance of double taxation with respect to wealth tax has also been made.
A proposed amendment will confer upon the Central government the power to enter into agreements with the government of a reciprocating country for grant of relief in respect to the wealth tax laws in India and other nations. This will take effect from October 1, 2009.