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Business News/ Money / Personal Finance/  Ashneer Grover says 'taxpayers are minority in elections' amid inheritance tax row: ‘You can get away saying…’
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Ashneer Grover says 'taxpayers are minority in elections' amid inheritance tax row: ‘You can get away saying…’

If one tries to understand ‘tax politics in India’, only 0.5 per cent of voters now pay any ‘meaningful’ income tax in the country, says Ashneer Grover.

BharatPe co-founder and former Shark Tank India judge Ashneer Grover.Premium
BharatPe co-founder and former Shark Tank India judge Ashneer Grover.

Taxpayers are the most ‘meaningless minority’ as far as general elections are concerned and political leaders can say anything on tax in a political rally and get away with it, according to Ashneer Grover. The former managing director of fintech major BharatPe has said if one tries to understand ‘tax politics in India’, only 0.5 per cent of voters now pay any ‘meaningful’ income tax in the country.

According to Grover, eight crore out of 140 crore Indians file income tax returns. Only two crore out of 140 crore Indians pay income tax. Out of them, 45 lakh contribute 80 per cent of this income tax and the total number of voters is 97 crore.

Also Read: From ‘Hua to Hua’ to ‘Inheritance Tax’: 6 remarks by Sam Pitroda that put Congress on the back foot

Explaining his take on ‘tax politics’ amid the tax inheritance row, Grover said in a post on social media platform ‘X’, 

‘’You need to understand ‘Tax Politics’ in India.

8/140 crore file IT Return.

2/140 crore Indians pay Income Tax. Only.

45 Lakh of them contribute 80 per cent of this Income Tax.

Total 97 crore voters.

Do the maths - 0.5 per cent of voters pay any meaningful Income Tax.

So you can say anything on tax in a political rally and get away with it - tax payers is the meaningless minority as far elections are concerned.'' (sic)

What is an inheritance tax?

Inheritance tax, also known as estate tax, is a tax levied on the total value of money and property of a deceased person before it is distributed to their legal heirs. The tax is typically calculated based on the value of the assets left behind after any exemptions or deductions. 

Also Read: Sam Pitroda sparks debate on 'inheritance tax' in India: What is it and what are its income tax implications — explained

The purpose of inheritance tax is often to generate revenue for the government and to redistribute wealth. In India, there is currently no tax on inheritance. The Inheritance or Estate Tax was abolished in 1985.

 

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 24 Apr 2024, 09:44 PM IST
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