? How Many Pay Income Tax In India?
Various reforms have been introduced over the years, but none of them has worked
Indias tax collection is set to decline sharply this year because of the decline in national income and fall in employment due to COVID-19. Simultaneously, expenditures related to the pandemic are ballooning. Thus, the fiscal deficit in the budget is set to rise unless other expenditures are cut. However, there are committed expenditures which cannot be curtailed and the deficit in the budget is set to climb to a new high for 2020-21. So, there is no option but to try and collect more taxes.
The Prime Minister unveiled income tax reforms to make the system faceless, painless and seamless. He stated that 15 million people pay income tax out of a population of more than 1.35 billion. This is the number for the financial year 2018-19. For 2019-20, the number of taxpayers may be similar given that the economy was slowing down and unemployment was at a record high. In 2020-21, the number would drop sharply due to the impact of COVID-19 and massive unemployment in the organised sector.
https://www.thehindu.com/opinion/op-ed/the-challenge-of-catching-elusive-taxpayers/article32431928.ece
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? How Many Pay Income Tax In India? Various reforms have been introduced over the years, but none of them has worked Indias tax collection is set to decline sharply this year because of the decline in national income and fall in employment due to COVID-19. Simultaneously, expenditures related to the pandemic are ballooning. Thus, the fiscal deficit in the budget is set to rise unless other expenditures are cut. However, there are committed expenditures which cannot be curtailed and the deficit in the budget is set to climb to a new high for 2020-21. So, there is no option but to try and collect more taxes. The Prime Minister unveiled income tax reforms to make the system faceless, painless and seamless. He stated that 15 million people pay income tax out of a population of more than 1.35 billion. This is the number for the financial year 2018-19. For 2019-20, the number of taxpayers may be similar given that the economy was slowing down and unemployment was at a record high. In 2020-21, the number would drop sharply due to the impact of COVID-19 and massive unemployment in the organised sector. https://www.thehindu.com/opinion/op-ed/the-challenge-of-catching-elusive-taxpayers/article32431928.ece
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