Title: THE TREND AND PATTERN OF INCOME TAXATION IN INDIA
Abstract:The Income Tax department in India is responsible for policy formulation and planning for direct taxes and for administering direct tax laws like the Income-tax Act, Wealth-tax Act and various Finance...The Income Tax department in India is responsible for policy formulation and planning for direct taxes and for administering direct tax laws like the Income-tax Act, Wealth-tax Act and various Finance Acts passed during every budget session. Today it is the biggest revenue mobiliser for the government. Direct tax collections had seen tremendous growth due to policy innovations,rationalization of tax structure, improvement in tax administration and tax payer’s services through intensive use of technology. The economic crisis of 1991 led to structural tax reforms in India with main purpose of correcting the fiscal imbalance. In India steps are taken to improve the tax GDP ratio by augmenting tax collections by improving tax administration by leveraging technology and facilitating public interface, where required, through appropriate training and capacity building. This article discusses on origin and evolution of Income Tax, income tax structure, expenditure incurred by the Indian government to collect taxes and direct tax GDP ratio.The Direct Tax Collection as a percentage of GDP is doubled as a result of improved tax administrati on and better tax compliance.Read More
Publication Year: 2014
Publication Date: 2014-01-01
Language: en
Type: article
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Cited By Count: 5
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