FM shrugs off pleas by FPIs on super-rich tax, proposes respite for startups, NBFCs
New Delhi, July 26 -- The super-rich tax is here to stay for a large section of foreign portfolio investors (FPIs), with Union finance minister Nirmala Sitharaman ignoring their pleas while proposing further tax relief for startups and non-bank lenders. In amendments to the Finance Bill proposed to Parliament and passed by the Lok Sabha on 18 July, Sitharaman added more safeguards against tax evasion. The Union budget had proposed raising the income tax surcharge on taxpayers with income in the '2-5 crore range from 15% to 25%, and from 15% to 37% for those earning more. This takes the effective tax rate for those two groups to 39% and 42.74%, respectively. Sitharaman emphasized that while tax concessions are being given to the middle class...
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