Budget 2022: Replacing Income Tax with Expenditure Tax is the Blockbuster Reform India Needs
2 years, 11 months ago

Budget 2022: Replacing Income Tax with Expenditure Tax is the Blockbuster Reform India Needs

News 18  

Every stimulus package to boost the economy has its own burdening impact on the country’s fiscal position. If personal income tax is done away with, about 6.32 crore people will have the freedom from the burden of submitting annual Income Tax Returns. The various organisations complying with TDS will also be free from the burden of collecting, remitting and submitting various returns if personal Income Tax is shelved. According to the data of Income Tax Department, only 8,600 individuals have revealed that their annual income is above Rs 5 crore. As revealed by Prime Minister Narendra Modi at a summit in February 2020, only 1.46 crore individuals are liable to pay income tax, which is less than 1% of the population.

History of this topic

Net direct tax receipts grows 16.45% to ₹15.82 lakh crore till mid-December
5 days, 13 hours ago
India’s fiscal deficit will be 4.8 pc in FY25, below budget estimate of 4.9 pc: CareEdge Ratings
1 week ago
Eyes on income tax, customs duty and capex reforms as Sitharaman begins Budget 2025 meetings
2 weeks, 6 days ago
Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat
3 weeks, 6 days ago
India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target
1 month ago
Income Tax Returns data shows that 5 times more people are earning over 50 lakhs per year since PM Modi came to power, pay over 75% of taxes
1 month, 1 week ago
Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate
Trending News
1 month, 1 week ago
Can you expect major income tax changes in Budget 2025? Check details
1 month, 1 week ago
Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources
Trending News
1 month, 1 week ago
India is investing more in mutual fund SIPs, and paying more tax too
1 month, 1 week ago
Centre’s net direct-tax revenue grows 15.4% to ₹12.1 trillion in April-Nov
1 month, 1 week ago
Education, welfare in focus of ₹2.94 lakh-cr Andhra budget
1 month, 1 week ago
It is time India started indexing tax slabs and exemptions with inflation
Trending News
1 month, 1 week ago
Income Tax Filers Exceed 2.3 Lakh, with High Majority Being Businesspersons and Professionals
2 months ago
India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore
2 months ago
Income Tax Department Sees Doubled Number of Income Taxpayers in 10 Years
2 months ago
Net direct tax collection rises 22% so far this fiscal
4 months, 1 week ago
Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report
4 months, 2 weeks ago
Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
4 months, 4 weeks ago
New income tax regime: Check how much tax you will pay now
4 months, 4 weeks ago
Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months ago
Budget 2024: How the changes in new tax regime will benefit the salaried, explained
5 months ago
Calculation: Will you pay more income tax or less after Budget 2024 changes?
5 months ago
Budget 2024: How will it impact the common people and consumers? CHECK here
5 months ago
Afternoon briefing: New tax regime slabs revised in Budget 2024; IIT Delhi's submission to SC in NEET row; and more
5 months ago
Old vs proposed income tax slabs under new regime. What has changed?
5 months ago
Budget 2024: Income tax slabs changed, standard deduction increased. Read details
5 months ago
Budget 2024 Highlights on income tax: FM Sitharaman revises personal income tax slabs; taxation rates remain unchanged
5 months ago
Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction
5 months ago
Budget 2024 announcements on new tax regime: Standard deduction increased, check new tax slabs
5 months ago
Budget 2024 HIGHLIGHTS: Andhra Pradesh, Bihar major gainers; special focus on jobs, new tax regime
5 months ago
Major reforms expected by key sectors in Budget 2024, will it deliver?
5 months ago
Budget 2024: Will FM Nirmala Sitharaman fulfill your income tax wishes?
5 months ago
Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months ago
Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23
5 months ago
Budget 2024: This change to old income tax regime can provide relief to millions
5 months ago
India's 2024 Budget: A push for tax reform
5 months, 1 week ago
Budget may make some announcements to enable Global Minimum Tax
5 months, 1 week ago
Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress
5 months, 1 week ago
Budget 2024: Low-income individuals likely to get big tax relief, says report
6 months ago
Budget 2024: Finance minister Nirmala Sitharaman to increase income tax exemption limit?
6 months ago
Budget 2024: Which income categories can expect tax relief?
6 months ago
Govt may revise fiscal deficit target to 5% of GDP in Budget
6 months, 1 week ago
Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates
8 months ago
India's Net Direct Tax Collections Rise 20 Per Cent to Rs 18.9 Lakh Crore
9 months ago
India’s tax-to-GDP ratio to hit a record high of 11.7% of GDP in 2024-25: Revenue Secretary
10 months, 2 weeks ago
Budget 2024: It’s tax buoyancy that shrank the deficit
10 months, 3 weeks ago
Union Budget fiscal deficit for 2024-25 at 5.1% compared to 5.8% in FY24
10 months, 3 weeks ago
Budget 2024: No change in tax regime this year; check old, new tax slabs
10 months, 3 weeks ago
Budget 2024: 6 key changes taxpayers want from FM Sitharaman
10 months, 3 weeks ago

Discover Related