India’s Super Rich count triples in 4 Years
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More Crorepatis are joining the super-rich club every year than companies, according to Kotak Institutional Equities.The number of Crorepatis has tripled from 19,716 in 2010-11 to 63,589 in 2013-14. However, the number of
"We highlight that this income refers to the gross taxable income, which means that incomes that are exempt from tax (say long-term capital gains tax on equities, dividend income, or income on tax-free bonds) will not show up in these numbers," Akhilesh Tilotia of Kotak said.
The crorepati data provides a starting point to assess income and wealth equalities in India, Kotak said.
"As the India growth story progresses, it is important that there are no pronounced inequalities-a progressive tax structure coupled with the fear of compliance can be a good revenue source as well as a social policy tool," the brokerage said.
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Image credit: Indiatimes
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