Editorial Simplified : 04th May

//Editorial Simplified : 04th May

Editorial Simplified : 04th May

Editorial Simplified : 04th day of May 2016

This Series of posts covers the essential Editorial from prominent newspapers. The Editorial from the newspapers are compiled by the Subject Teachers form the Academy and provided in notes format so that the aspirants does not waste their precious time in sifting through the newspapers. 

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Indian Express

Editorial : A taxing agenda

Context

Income tax authorities released data for income tax collection in period 2000-01 to 2014-15 last week highlighting various worrying trends

BOTHERSOME

  • 80% of personal income tax has been accounted by only 11 % with 85 % paying less than Rs 1.5 lakh in tax; it shows income inequality in the country along with need of widening the tax net
  • No of people who have reported earning of more than 1 crore is also abysmal at 18,359; it shows that a huge chunk of income is from capital gains (Capital gains are the profits that an investor realizes when he or she sells thecapital asset for a price that is higher than the purchase price) or set off of loss in business income and farm income which is not taxed
  • India’s gross tax to GDP ratio has remained stagnant

INDIA NEEDS TAX INCOME

  • Welfare activities in different sector is impacted if tax collections remain poor
  • Widening/deepening of the tax base, trimming down exemptions and improving compliance in tax collections is need of the hour

Wider public debate is also needed on current tax policy which is instigated by disclosure of such data in public domain

By | 2016-05-06T16:17:29+00:00 May 6th, 2016|Categories: Editorial Simplified|Tags: , |0 Comments

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