Reforms in Personal Taxation: Some Issues

Indian Journal of Commerce and Management Studies

View Publication Info
 
 
Field Value
 
Title Reforms in Personal Taxation: Some Issues
 
Creator ., Dr. Pandit C. Bilamge
 
Subject
Assessee, Financial year, Deductions, Exemptions, Direct tax Code, Tax bracket. Provisions.
 
Description 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%.
 
Publisher Indian Journal of Commerce and Management Studies
 
Contributor ERM Publications, India
 
Date 2020-03-10
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://scholarshub.net/index.php/ijcms/article/view/495
 
Source Indian Journal of Commerce and Management Studies; Vol 2, No 7 (2011)
22295674
22490310
 
Language eng
 
Relation http://scholarshub.net/index.php/ijcms/article/view/495/489
 
Rights Copyright (c) 2020 Indian Journal of Commerce and Management Studies
 

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