New Delhi: A group of 50 Indian Revenue Service officers has recommended taxing the super rich as part of the government’s efforts to deal with the economic crisis brought about by the global pandemic.
They recommended raising the highest tax rate to 40% for people earning above 10 million rupees ($131,083.10) in a year or a wealth tax for those with a net worth of 50 million rupees or more. The recommendations were made in a paper that was sent to the Central Board of Direct Taxes.
The Income Tax Department later said on Twitter that the central board never asked those officers to prepare such a report and that the contents of the paper did not “reflect the official views of CBDT/MInistry of Finance in any manner.”
