The FM has said the 10 per cent surcharge is temporary, but taxes once imposed are difficult to eliminate.
Azim Premji might have lost a few friends from his circle after today’s Budget. Invoking the philanthropic spirit of Wipro’s founder, P. Chidambaram has sought to make the rich pay more. The Finance Minister said the 10 per cent surcharge is temporary and will be in place only for a year but taxes once imposed are difficult to eliminate.
How many times have we seen this in the past with the various cesses and surcharges imposed ostensibly for a purpose but which continued to be levied on citizens long after the objective was met. If you are earning more than Rs.1 crore per annum and are reading this, you might want to take a break on your luxury yacht to drown the sorrow.
But wait, yachts will become pricier now as import duty has been increased. If you wish to buy that luxury car launched by a well-known international company it will cost you more too thanks again to higher import duty. Ok, you wish to settle for that SUV launched only the other day by an Indian company? Sorry, that will also cost you more from tomorrow as the excise duty has been increased.
Fancy a long bike ride? Well, if you have not bought your Harley Davidson or BMW already, you will have to shell out more now. After reading all this, you might just want to unwind with a long drag on your Bolivar … but hang on, Mr.Chidambaram wants a larger share of your cigar smoke too!
Keywords: P. Chidambaram, Union Budget 2013, Union Budget highlights, Budget 2013, budget reaction 2013, Azim Premji, taxing the super rich
Corporates....can change their rules to save from extra tax on Boss
We need many Premji....with big and large purse.
May God compensate as Sri Krishna said....and Prophet of Muslims also(those who help HIS children,the Almighty will stand before them as servant to ask what HE can do to compensate)
This is about the only positive to take away from the budget. It's hard
to believe only 42,000 odd people come under this category but I welcome
the move. Hope these revenue generated will be used for a good cause.
Sorry, Those who are reading this, >99% of them not feel your feeling.
What was the point of this article? Are we supposed to feel sorry for
these super rich people unable to enjoy their luxuries because they
might cost a few percent extra? The author doesn't even bother to
explain what he wanted out of the budget. This was just a lot of empty
rhetoric!
The author makes a commentary "Ok, you wish to settle for that SUV
launched only the other day by an Indian company? Sorry, that will also
cost you more from tomorrow as the excise duty has been increased."
It is never from tomorrow. It is always from 1st of April, if the Annual
Financial Statement is passed by then.
Smokers should be charged even more (may be 200% hike). Even a boy out of school(just in college) starts smoking. E ach and every tobacco product should be made expensive so that people starts qu itting them. Is there a prohibition on public smoking(not sure)? If it is,I don 't see it getting implemented. This is one great way to save our(passive smoker s) lives. Please make it more expensive
This is not a tax on Super Rich. This is a tax on high income earners. More so, 42000 odd assessees will be only Salary earners who are earning more than 1 Crore where tax will be withheld.
Premji, may be getting majority of his Income as Dividends which are tax free !!
Very well said! The humour in this article is too good
who said it's not a sin to be rich in India? We've gotcha! This is chidambaram's net!!
"Azim Premji might have lost a few friends from his circle" is not so
true because from what I have read of him he doesn't mix with people as
rich as him, drives his car himself etc. That Hinduism is full of
hypocrisy is borne out by the fact that in a land of so many Hindu
millionaires it takes a Muslim (albeit a liberal one) to promote
philanthropy which is the bedrock of Indian philosophy!
Your correspondents views on the budget for the next fiscal makes it sound much worse than it is really!!
When there are millions struggling in their jobs so that they can earn at least one square meal a day, when there are millions who without a job dont know when their next meal will come from, not even the super rich will care if they will have one ride less in the luxury SUVs or yatchs, have one luxury holiday abode less or whether their dinner meeting in a 5 star a/c restaurant will cost them a hundred rupees more.
Not even the middle class will bother if there will be a service surcharge on their A/C hall dinner if in any case they can afford to dine out with their family only once a month! Food inflation is the issue.
Neither will any one really care if the super rich or the middle class will need to pay more to die a slow and painfull death smoking their cigarettes,cigars or cigarellos.
Tax on imports will stoke domestic industry; on smoking-reduce health care costs.
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