Reforms in Personal Taxation: Some Issues

Dr. Pandit C. Bilamge .

Abstract


The present tax system in India contains so many provisions and its calculation is tedious and cumbersome. The government has to take step to make the income tax calculation simple by removing various provisions. Exemptions and deductions should be allowed to only those assessees who come under the tax bracket of 10% and deductions for savings investments should be allowed only to assessees under the tax bracket of 20%. No deductions and exemptions should be allowed to the assessees who come under the tax bracket of 30% and more. Under business head all expenses incurred purely for business are allowed as permissible expenses and accordingly income is calculated. Therefore, expenses incurred for the purpose of employment should also be allowed under the head income from salaries.  The present income tax rates are not in a position to reduce the gap between rich and poor. Hence, the progressive income tax rates should be revised and reframed with adding one more slab of 40%.


Keywords


Assessee, Financial year, Deductions, Exemptions, Direct tax Code, Tax bracket. Provisions.

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References


M Govinda Rao(20050 “ Tax System reform in India: Achievement and Challenges Ahead. Hitotubhashi University Tokeyo Japan

Helene Poirson(2006) “ The tax System in India: Could Reform Spur Growth?” IMF Working paper

Bart Verhelst, Steven Gils (2008) “ Indian Tax Reforms” Deloitte Belgium Tax Quarterly.

Preeti Goel(2010) “ Personal Tax Reforms from NRI’s perspective” The Economic Times, 19-2-2010

Vivek Kaul & Khyati Dharmasi (2010) “Government to go slow on Personal tax Reforms” Daily News & Analysis Mumbai.

Vinod K Singhania and Monika Singhania (2010) “Student’s Guide to Income Tax” Taxmann Publications (P.) Ltd. New Delhi

T N Manoharan(2010) “Student’s hand book on Income tax, CST VAT & Service Tax” Snow White publications Pvt. Ltd Mumbai.

National Website of Income tax (2011) www.incometaxindia.gov.in Accessed on 1-06-2011


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