The Indian revenue collection authorities are preparing to launch a new campaign designed to bring India's increasing number of high-net-worth individuals into the tax net.
It is believed that the government's efforts will be focused on gathering information on HNWIs - many of whom do not file income tax returns - from various independent agencies in an attempt to ensure that wealthy individuals pay an appropriate amount of tax.
Official figures show that there are just over 100,000 Indians with an income of R1 million (US$23,000) or more. However, the 2005 World Wealth Report recently published by Merrill Lynch and Capgemini revealed that the number of Indian dollar millionaires had swelled by 9,000 to 70,000, an annual increase of 14.6% and well above the global average growth rate of 7.3%.
It is expected that HNWIs will be directed by the government to use large taxpayer units, allowing them to pay income tax, excise, customs and service tax in one place.
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