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.
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Per Anger-priset 2014 delas i år ut till Rita Mahato från Nepal. Rita är företrädare för kvinnorättsorganisationen Women’s Rehabilitation Centre, WOREC, en samarbetsorganisation till Amnesty International. Läs mer...