ANVESHAK-International Journal of Management

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Income Tax Act of India:Issues and Expected Reforms


Affiliations
1 Sri Guru Gobind Singh College of Commerce, University of Delhi, India
     

   Subscribe/Renew Journal


This paper focuses on the gaps found in the rules in Direct Tax Policy of India. Income Tax Act 1961 is a mature, refined and seasoned tax regime of India. However, there are still many loopholes in the rules which could have been generated due to lopsided view of the effect of the policy or due to generalization of the policy or due to human errors. The paper focuses on finding such gaps and strives to present the directions for further reforms. The methodology used for this paper is a literature review of the published materials. A broad search strategy was used using the key terms like the Income Tax Act, reforms in direct taxes and loopholes in the existing direct taxation system. The major contribution of the paper is to draw the attention towards the loopholes which are extensively used to evade the tax and should be immediately plugged by applying the reforms suggested through this paper.

Keywords

Loopholes, Direct Taxation Policy, Income Tax Act 1961, Reforms, Gaps in the Policy Issues.
Subscription Login to verify subscription
User
Notifications
Font Size


  • Acharya, S. (2005, May 14), “Thirty Years of Tax Reforms in India”, Economic and Political Weekly, Vol. 40.

  • Bagchi, A. (1994), “India's Tax Reform: A Progress Report”, Economic and Political Weekly.

  • Barbone, D.G.W. (1999), “Reforming Tax Systems: The World Bank Record in the 1990s”, Tax Policy and Administration Thematic Group, Washington, D.C: The World Bank.

  • Gupta, D. (2000, August 13), “Is a New Revolution Coming?”, The Times of India.

  • Kaldor, N. (1959, January), “Tax Reform in India”, The Economic Weekly Annual.

  • Karnataka (2001), First Report of Tax Reform Commission, Karnataka: Finance Department, Government of Karnataka.

  • Panagaria, A. (2005), “India Trade Reforms”, Indian Policy Forum 2004, Brookings and New Delhi: National Council of Applied Economic Research.

  • Rao, M.G. (2005), “Tax System Reform in India: Achievements and Challenges Ahead”, International Symposium on Tax Policy and Reform in Asian Countries, Tokyo, Japan: Hitotsubhashi University.

  • Rao, R.K. (2006), “Trends and Issues in Tax Policy and Reform in India”, India Policy Forum.

  • Vijay, L. and Kelkar, P.S. (2003), Reports on India's Tax Reforms, Government of India.


Abstract Views: 530

PDF Views: 0




  • Income Tax Act of India:Issues and Expected Reforms

Abstract Views: 530  |  PDF Views: 0

Authors

Rasleen Kaur
Sri Guru Gobind Singh College of Commerce, University of Delhi, India

Abstract


This paper focuses on the gaps found in the rules in Direct Tax Policy of India. Income Tax Act 1961 is a mature, refined and seasoned tax regime of India. However, there are still many loopholes in the rules which could have been generated due to lopsided view of the effect of the policy or due to generalization of the policy or due to human errors. The paper focuses on finding such gaps and strives to present the directions for further reforms. The methodology used for this paper is a literature review of the published materials. A broad search strategy was used using the key terms like the Income Tax Act, reforms in direct taxes and loopholes in the existing direct taxation system. The major contribution of the paper is to draw the attention towards the loopholes which are extensively used to evade the tax and should be immediately plugged by applying the reforms suggested through this paper.

Keywords


Loopholes, Direct Taxation Policy, Income Tax Act 1961, Reforms, Gaps in the Policy Issues.

References





DOI: https://doi.org/10.15410/aijm%2F2017%2Fv6i2%2F149990