Taxes for Super Rich

Finance minister P Chidambaam has raised taxes for the super rich, paving the way perhaps for more evasion rather than compliance. According to him, only 42,800 persons in the country declared income of over Rs 1 crore. That itself is an unbelievable number. The measure is likely to encourage high earners to devise new and innovative ways to avoid tax. The surcharge on high tax-paying companies is also likely to dampen investment sentiment.

The thoughts and opinions shared here are of the author.