Business Standard

India Inc expects tax for super-rich in Budget

Related News

Top leaders of corporate India think Finance Minister would take steps to tax the super-rich, introduce goods and service tax and raise tax rebates on home loans in the coming Budget, a survey has shown. A majority of them, however, don’t expect the FM to take any steps on inheritance tax. According to a survey of chief executive officers, chief financial officers and other top officials of 300 companies by consulting firm Grant Thornton, 70 per cent of respondents expect the finance minister to introduce measures to widen personal income tax deductions, especially in home loans under section 80C of the Income Tax Act.

“Considering the increasing efforts of the government to widen the tax base, there is a sense that the government may levy a super-rich tax on exceptionally high earning income group,” said Grant Thornton.

Sixty-two per cent of the respondents said the super-rich tax will be levied in the Budget. Almost 48 per cent of the respondents said the will be investor-friendly, while another 40 per cent expect it to be revenue-friendly. (CEOs’ Budget wishlist)

While 83 per cent of respondents do not expect major changes in the corporate taxation rates, they expect increase on the limits of tax savings investments especially linked to housing loan and principal repayments, the survey says.

Amidst new proposals, India Inc expects the government to clarify its taxation stand on "indirect transfers” like the Vodafone case and clarity on domestic transfer pricing regulations. In recent years, many top Indian and multinationals have received tax demands on transfer pricing. While multinational energy firm Shell has received a tax notice for notional gains while investing in its 100 per cent subsidiary in India, many Indian companies have received notices for earning a notional guarantee fee while giving guarantees to the special purpose vehicles set up for acquisitions abroad.

Read more on:   
|
|

Read More

Gujarat presents surplus budget, but fiscal deficit widens

The Narendra Modi government today presented a surplus revenue Budget for 2013-14.

Advertisements
  • @PMOIndia

    PM is in the Lok Sabha & introduced @PiyushGoyal to the House. The Minister was not introduced earlier when PM introduced the Ministers.

  • @arunjaitley

    Birth anniversary of Syama Prasad Mookerjee http://t.co/SVQjBAL0XA

  • @milinddeora

    I hope @PMOIndia's meeting with Facebook's COO, amidst his hectic pre-budget schedule, was to discuss the recent privacy intrusion fears?

  • @digvijaya_28

    Wimbledon Final and FIFA World Cup last three games can't be missed ! Any guess for final FIFA line up. My guess Brazil vs Argentina !

  • @thekiranbedi

    Travelling inside Punjab to prepare/update firsthand before I meet CM Punjab on Wed morn in Chandigarh,on epidemic of Drugs/Abuse in Punjab

  • @ajaymaken

    RT "@INCIndia: #TheIndiaTheyInherited- Railway line in J&K and building Katra station made Vaishno Devi Yatra easy http://t.co/Es3RjnDHuE

  • @MPNaveenJindal

    RT @kiranshaw: Thank You, Roger for Letting Me Win, Says Wimbledon Champion Djokovic Gracious compliments http://t.co/xGC9x3O7mn http://t.

  • @Panda_Jay

    My Twitter handle changed yesterday to @PandaJay 😊, please follow that..

  • @ShashiTharoor

    My @ndtv column on AK Antony, the Congress & secularism: http://t.co/dpS0jHMHWU

  • @Swamy39

    @kppradeepdr @jgopikrishnan70 @vijayvaani : Another new term: Slander and Scoot

  • @narendramodi

    Let us devote ourselves to fulfilling Dr. Syama Prasad Mookerjee's ideals. Will go to Parliament shortly to offer tributes to Dr. Mookerjee.

  • @abdullah_omar

    @ritvikbasnotra1 Its not fair if yatris arrive thinking the train goes right up the mountain to the holy cave, that's the only reason.

  • @varungandhi80

    Kudos to the government for reuniting trapped nurses in Iraq with their families.

  • @ArvindKejriwal

    RT @ashu3page: Govt draws fresh poverty line. Those who earn Rs.32 in rural areas and Rs.47 in Urban areas are not poor. Garibon ke ache di…

  • @SinghRPN

    @dpsatishcnnibn Problem is people confuse their perceptions with reality. Hope to meet you again soon !

  • @rajeev_mp

    .@skarra @India_Progress too much taxpayer money has been spent on aadhar to simply waste the database. ! Needs cleaning up n to be used!

  • @quizderek

    @sujoy_g Silent letters in a word...not alphabets.'The alphabet' is used when we refer to the collection of 26 letters.Late night fundas :)

  • @

    #China's economic growth quickened in Q2, says Premier Li Keqiang http://t.co/z6mTA4KxhN

  • @SushmaSwaraj

    In chaste urdu, Sushma charms the Haj congregation | Business Line http://t.co/H618XQ1rzR

  • @MVENKAIAHNAIDU

    My heartfelt tribute to Sri Shyama Prasad Mukherjee ji, a visionary leader and Nationalist, on his Birth Anniversary today.

  • @nitin_gadkari

    The previous few tweets that appeared in my time line are baseless and do not reflect my opinion.

  • @DVSBJP

    Heartfelt tributes to our leader Dr. Syama Prasad Mookerjee ji on his 113th birth anniversary.

  • @umasribharti

    चन्‍द्रशेखर राव को बधाई. तेलंगाना राज्‍य का मेरा संकल्‍प एवं सपना पूरा, तेलंगाना की नदियों का ध्‍यान रखेंगें.

  • @AnanthKumar_BJP

    At the Shyama Prasad Mookherjee Jayanthi Program in Bengaluru at the BJP office today... http://t.co/meyBRStbmC

  • @smritiirani

    RT @PIB_India: The current system compels children to go to Srinagar, nearly 3 hours away from Uri, to complete Standards XI and XII http:/…

  • @drharshvardhan

    On Dr Syama Prasad Mookerjee's 113th birth anniversary today 6th July, let's resolve to make a new India based on his vision and sacrifice.

  • @Gen_VKSingh

    RT @YuvaiTV: General (Retd.) @Gen_VKSingh calls on the Union Home Minister Shri @BJPRajnathSingh in New Delhi on July 1, 2014. http://t.co/

  • @Rao_InderjitS

    Unfortunate derailment of Rajdhani express in Bihar. My condolences to families of those who died. Prayers for safety of other passengers.

  • @nsitharaman

    @iRahulPai Thank you very much.

  • @anandmahindra

    @akamod What I'm looking for is a tip on the best place to hear live music...

Back to Top