Wealth Tax Abolished , Super Rich To Pay More

28 Feb, New Delhi

Abolishing Wealth Tax completely , Finance Minister Arun Jaitley Saturday proposed to put an additional two per cent surcharge on ‘Super Rich’ with an income of Rs 1 crore. Currently, the limit of wealth tax exemption is at Rs 30 lakh.

Presenting the General Budget in the Lok Sabha, Jaitleysaid the move would fetch the government Rs 9,000 crore against Rs 1,008 crore under wealth tax.