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