Rich people will not flee if tax rates go up by a small measure: Revenue secy
5 years, 6 months ago

Rich people will not flee if tax rates go up by a small measure: Revenue secy

Live Mint  

New Delhi: The government on Saturday defended its decision to raise the tax rate on high-income earners, saying it will not lead to affluent people moving to other countries. Revenue secretary Ajay Bhushan Pandey said in an interaction with reporters that people's attachment to their country was far too strong to be affected by an increase in their tax outgo. According to the Income Tax Act, only those who meet the riders relating to physical presence in India for a number of years to qualify as 'resident and ordinarily resident' are required to disclose their foreign assets and pay taxes on their global income in India. Nobody takes a decision to leave the country on the basis of a tax rate increase by a small measure," said Pandey.

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History of this topic

Why are India’s poorest people being left behind?
1 year, 11 months ago

Why are India’s poorest people being left behind?

Al Jazeera  

On Tuesday, February 7 at 19:30 GMT: India’s BJP-led government says its final budget before a general election in 2024 will spur economic growth, but opposition politicians are among critics who say it fails to address ever-deepening income and wealth inequality highlighted by anti-poverty groups. But it does not include the re-introduction of a wealth tax on the rich that …

Tax implication on migration of high net-worth individuals
6 years, 6 months ago

Tax implication on migration of high net-worth individuals

Live Mint  

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