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Flat income tax rate in India (What is the need? (To meet (changing…
Flat income tax rate in India
Why in News?
Government
task force
to draft new direct tax law
to replace
Income Tax Act 1961
What is flat tax rate?
Proportional taxation
Everyone pays same rate
irrespective of income
What is the need?
To meet
changing economic demands
to fix
50+ years old Income Tax Act, 1961
To reinstate
Direct Tax Code
in new structure
Arguments for
Flat rate of 12%
appealing even
low income people
High complaince
Success stories
Hong kong
Russia
New Zealand
Arguments against
inequitable
Income inequality in India
Success countries
other reforms as well
India = democracy
invest in
infra
social welfare
India's attempts
2009
DTC
But bill lapsed in LS in 2014
NDA government
GAAR