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Millions of Indians will have their taxes cut in half

Millions of Indians will have their taxes cut in half

Publicerat av Tony Harkén torsdag, 02 februari 2017.

Nearly 20 million Indian middle-class taxpayers will get a 50 percent cut in their income tax, according to the annual budget revealed by Finance Minister Arun Jaitley.

The tax rate for people with income of 250,000 rupees ($3,700) to 500,000 rupees ($7,400) a year, as well as tax for small and medium-sized businesses with annual turnover of up to 500 million rupees ($7.4 million) has been reduced to five percent from the current ten percent.

Those who earn less than 250,000 rupees ($3,700) a year will pay nothing.

The larger incomes of above 500,000 rupees are now assessed a 30 percent tax rate.

We are largely a tax non-compliant society. The predominance of cash in our economy makes it possible for people to evade taxes,” said Jaitley.

Read more at - https://on.rt.com/822o

Publicerat av

Tony Harkén

indien

Klockan i Bombay, Indien

IN - Time