The Tax regime announced in India by Finance Minister Dr Pranab Mukherjee at the new Budget is very straightforward.
On income between 2-5 lakh rupees, 10 percent Tax.
Upto 20 lakh rupees, 20 percent Tax
Above 20 lakhs, 30 percent.
This may encourage some very wealthy individuals to become domiciled in India, I guess.
The Indian economy is forecast to grow by 6.9 percent in the new fiscal year, but the budget deficit leaves little room for the much-needed Base Rate cut.