( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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FORMULATION OF INCOME TAX AND ROLE OF DIRECT AND INDIRECT TAXES IN INDIAN ECONOMY

    2 Author(s):  RAMESH KUMAR JHA, DR.MANJEET KAUR KAUSHAL

Vol -  3, Issue- 2 ,         Page(s) : 500 - 507  (2012 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

The Income Tax office in India is in charge of policy formulation and planning for direct taxes and for administering direct tax laws like the Income-tax Act, Wealth-tax Act and different Finance Acts go amid each budget session. In India steps are taken to improve the tax-GDP proportion by expanding tax accumulations by improving tax administration by utilizing technology and facilitating open interface, where required, through suitable preparing and capacity building. The tax rates have been legitimized and tax laws have been disentangled bringing about better compliance, ease of tax payment and better enforcement. The procedure of approval of tax administration is progressing in India. Another key goal of tax change measures has been to increase absolute tax to GDP proportion as methods for achieving monetary consolidation and improving resource allocation. GST, less demanding tax documenting technique and more straightforward tax structures – Government of India is attempting to enhance the administration's revenue gathering, in the meantime ensuring that bulky taxes don't deflect speculators.

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