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Article: INDIA MULLS LIFTING WEALTH TAX THRESHOLD TO US$10 MLN.
- Article from:
- AsiaPulse News
- Article date:
- August 13, 2009
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NEW DELHI, Aug 13 Asia Pulse - The Direct Taxes Code proposes to substantially raise the threshold limit for levy of wealth tax to Rs 50 crore (US$10.38 million) from Rs 30 lakh (US$62,319), a suggestion, if accepted, would save many Indians from paying tax on their wealth.
The rate of wealth tax according to the draft Direct Taxes Code should be reduced to 0.25 per cent from one per cent currently.
The wealth tax is levied under the Wealth Tax Act, which is proposed to be subsumed in the new Direct Taxes Code that will replace the Income Tax ...