THE CURRENT TAXATION LAW AND ISSUES IN IT

AUTHOR – K.M.SUGUNA, STUDENT AT SATHYABAMA INSTITUTE OF SCIENCE AND TECHNOLOGY, CHENNAI

Best Citation – K.M.SUGUNA, THE CURRENT TAXATION LAW AND ISSUES IN IT, ILE TAXATION LAW AND LEGAL STUDIES (ILE TLLS), 1 (1) of 2023, Pg. 6-9, APIS – 3920 – 0024 | ISBN – 978-81-961120-5-9.

ABSTRACT

India definitely has a thriving and continually adopting new adjustments in accordance with the state of the country in a for all intents and purposes major way. It essentially has drawn the strength to definitely do so from the Constitution of India, which allows the fairly Central government and the State Government to levy taxes, which is fairly significant. Collecting taxes for all intents and purposes is a way of income for the government, which is later, used for quite a number functions in order to improve the economic system of the country, which particularly is quite significant. There really is a vital problem with India’s pretty current tax system. India concurrently definitely has a tax base for fairly direct taxes that is too small; and a tax base for oblique taxes that is too fairly large in a for all intents and purposes major way. Consequently, too generally little tax income particularly is raised; and too an generally awful lot of the tax burden for the most part is paid with the aid of the sort of poor. This limits the state’s capability to supply the infrastructure and manpower required for right governance. Primary taxation problems dealing with the authorities world over include;

# Taxes on profits and wealth (or estates) in a big way. # Taxation of very capital basically good points versus labour income, which kind of is fairly significant. # Eco tax (short for Ecological taxation) refers to taxes supposed to for all intents and purposes promote environmentally pleasant things to for the most part do by way of economic incentives, which for the most part is quite significant. # Tax evasion and avoidance kind of main to definitely decreased government revenue, which actually is quite significant.

Keywords – Direct tax, Indirect tax, Tax evasion, Government revenue, infrastructure etc