The transition from corporation-based dividend taxes to personal income taxes has been a major driver of the increased PIT in recent years. This shift has not only changed the tax dynamics but also underscored the substantial contribution of high-income earners to the tax pool through their dividend receipts.
Inheritance tax has played a big role in wealth transfers and intergenerational equity in developed nations. But to even think of superimposing inheritance tax in the Indian context is a regressive and middle-class unfriendly move
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Experts express mixed feelings on this contentious issue. Some feel it will burden shareholders, while others feel it benefits both the company and the shareholder when compared to the outgo on account of tax on dividends. It remains to be seen how the Finance Minister tinkers with these taxes in the upcoming Union Budget