{"id":91976,"date":"2020-02-13T13:27:59","date_gmt":"2020-02-13T07:57:59","guid":{"rendered":"https:\/\/thepubliceconomist.com\/?p=91976"},"modified":"2020-02-13T14:40:38","modified_gmt":"2020-02-13T09:10:38","slug":"the-conundrum-of-income-taxation-in-india","status":"publish","type":"post","link":"https:\/\/thepubliceconomist.com\/?p=91976","title":{"rendered":"The conundrum of Income Taxation in India"},"content":{"rendered":"\n

The Income Tax (IT) Act was first enacted in 1922 and since then it has witnessed changes that have altered the course of direct taxation in India. A new act was introduced in 1961 and each amendment since then has accounted for various socioeconomic changes. To put this into context, the 21st<\/sup> century has witnessed the following changes in personal income tax slabs: <\/p>\n\n\n\n

2005-06<\/strong><\/p>\n\n\n\n

For the first time in ten years, P. Chidambaram\nannounced significant changes to the budget in his proposal. The tax slabs were\nchanged to: <\/p>\n\n\n\n

\n Income (Rs)  <\/strong>\n <\/td>\n Tax <\/strong>\n <\/td><\/tr>
\n 0-1 lakh \n <\/td>\n Tax Free\n <\/td><\/tr>
\n 1 lakh – 1.5 lakh \n <\/td>\n 10%\n <\/td><\/tr>
\n 1.5 lakh – 2.5 lakh \n <\/td>\n 20%\n <\/td><\/tr>
\n 2.5 lakh + \n <\/td>\n 30%\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2010-11 <\/strong><\/p>\n\n\n\n

This budget witnessed Pranab Mukherjee make much\nneeded changes to the tax slabs five years after changes made by P. Chidambaram.\n<\/p>\n\n\n\n

\n Income (Rs)  <\/strong>\n <\/td>\n Tax <\/strong>\n <\/td><\/tr>
\n 0-1.6 lakh \n <\/td>\n Tax Free\n <\/td><\/tr>
\n 1.6 lakh – 5 lakh \n <\/td>\n 10%\n <\/td><\/tr>
\n 5 lakh – 8 lakh \n <\/td>\n 20%\n <\/td><\/tr>
\n 8 lakh + \n <\/td>\n 30%\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2012-13<\/strong><\/p>\n\n\n\n

Pranab Mukherjee introduced further changes to the tax\nslabs 2 years after: <\/p>\n\n\n\n

\n Income (Rs)  <\/strong>\n <\/td>\n Tax <\/strong>\n <\/td><\/tr>
\n 0-2 lakh \n <\/td>\n Tax Free\n <\/td><\/tr>
\n 2 lakh – 5 lakh \n <\/td>\n 10%\n <\/td><\/tr>
\n 5 lakh -10 lakh \n <\/td>\n 20%\n <\/td><\/tr>
\n 10 lakh + \n <\/td>\n 30%\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2017-18<\/strong><\/p>\n\n\n\n

Arun Jaitley was the next proponent of changes in\nincome tax slabs, which were:<\/p>\n\n\n\n

\n Income (Rs)  <\/strong>\n <\/td>\n Tax <\/strong>\n <\/td><\/tr>
\n 0-2.5 lakh \n <\/td>\n Tax Free\n <\/td><\/tr>
\n 2.5 lakh – 5 lakh \n <\/td>\n 5%\n <\/td><\/tr>
\n 5 lakh -10 lakh \n <\/td>\n 20%\n <\/td><\/tr>
\n 10 lakh + \n <\/td>\n 30%\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

The budgets have proposed various other changes for\ntaxation of income of senior and super senior citizens. They also came with\nmeasures in which wealth tax was abolished and in its place, surcharge was\nintroduced on the income of the super-rich, accompanied with changes in the\nstructure of rebates and reductions for the lower income strata.  <\/p>\n\n\n\n

The existing tax slabs are as follows: <\/p>\n\n\n\n

\n Income (Rs)  <\/strong>\n <\/td>\n Tax <\/strong>\n <\/td><\/tr>
\n 0-2.5 lakh \n <\/td>\n Tax Free\n <\/td><\/tr>
\n 2.5 lakh – 5 lakh \n <\/td>\n 5%\n <\/td><\/tr>
\n 5 lakh -10 lakh \n <\/td>\n 20%\n <\/td><\/tr>
\n 10 lakh + \n <\/td>\n 30%\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Along\nwith applicable cess and surcharge<\/em><\/p>\n\n\n\n

The way forward<\/strong><\/p>\n\n\n\n

In the build up to the Union Budget 2020-21, there\nwere mixed expectations regarding changes to the income tax slabs. However,\nwith the government\u2019s stance towards corporate taxation, the general outlook\nwas positive – one that expected slash in personal income tax rates. <\/p>\n\n\n\n

However, under the proposed tax regime, Indian\ntaxpayers have been given an option to choose between the new regime- with\nlower tax rates, and the old one. But the new regime comes with a catch as\ntaxpayers have to forego various deductions and exemptions to avail its\nsupposed benefit. These deductions include Standard deduction, HRA, and\ninvestments made under 80C, among others, for salaried and non-salaried\nindividuals. In the new regime, Employer\u2019s contribution to Employee Provident\nFund (EPF) is tax free, but there could be an upper limit proposed as deduction\nand the balance would become taxable.<\/p>\n\n\n\n

The proposed tax regime is as follows: <\/p>\n\n\n\n

\n Income (Rs)  <\/strong>\n <\/td>\n Tax <\/strong>\n <\/td><\/tr>
\n 0-2.5 lakh \n <\/td>\n Tax Free\n <\/td><\/tr>
\n 2.5 lakh – 5 lakh \n <\/td>\n 5%\n <\/td><\/tr>
\n 5 lakh -7.5 lakh \n <\/td>\n 10%\n <\/td><\/tr>
\n 7.5 lakh – 10 lakh  \n <\/td>\n 15%\n <\/td><\/tr>
\n 10 lakh – 12.5 lakh \n <\/td>\n 20%\n <\/td><\/tr>
\n 12.5 lakh – 15 lakh \n <\/td>\n 25%\n <\/td><\/tr>
\n 15 lakh + \n <\/td>\n 30%\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

No changes have been made to the cess and surcharge\nrates, and a rebate of Rs 12500 is available for individuals with income below\nRs 5 lakh under Section 87A, making the tax liability zero. FM Sitharaman\nclaimed that for an individual earning Rs 15 lakh a year, he\/she would save Rs\n78000, subject to the fact that the taxpayer would avail no deductions. The FM\nalso estimated that this regime would result in Rs 40000 crore of tax revenue\nforgone by the government for the benefit of taxpayers. However, these\nestimates are flawed. For a salaried individual, the new regime results in a\nhigher taxable income. <\/p>\n\n\n\n

Consider an individual that earns Rs 25 lakh as\nsalary. The taxpayer\u2019s tax liability under both regimes would be as follows: <\/p>\n\n\n\n

\n Particulars <\/strong>\n <\/td> Old Regime<\/strong> <\/td> <\/strong> New Regime <\/strong> <\/td><\/tr>
\n Income \n <\/td>\n  \u20b9  25,00,000.00 \n <\/td>\n  \u20b9  25,00,000.00 \n <\/td><\/tr>
\n less: deductions <\/em>\n <\/td>\n  \n <\/td>\n  \n <\/td><\/tr>
\n 80(C)\n <\/td>\n  \u20b9    1,50,000.00 \n <\/td>\n  \u20b9                      –   \n <\/td><\/tr>
\n 80(CCD) – NPS\n <\/td>\n  \u20b9       50,000.00 \n <\/td>\n  \u20b9                      –   \n <\/td><\/tr>
\n 80(D) – Health Insurance premium \n <\/td>\n  \u20b9       25,000.00 \n <\/td>\n  \u20b9                      –   \n <\/td><\/tr>
\n HRA \n <\/td>\n  \u20b9    3,00,000.00 \n <\/td>\n  \u20b9                      –   \n <\/td><\/tr>
\n Taxable Income <\/strong>\n <\/td>\n  \u20b9 19,75,000.00 <\/strong>\n <\/td>\n  \u20b9 25,00,000.00 <\/strong>\n <\/td><\/tr>
\n Tax Liability <\/strong>\n <\/td>\n  \u20b9    4,05,000.00 <\/strong>\n <\/td>\n  \u20b9    4,87,500.00 <\/strong>\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

The Tax Liability of an individual increases with the\nnew regime. For an individual living on rent, an HRA deduction of Rs 3 lakh is\nestimated. However, for a homeowner, this deduction is not applicable, but\nanother one pertaining to interest on home loan is applicable up to an amount\nof Rs 2 lakh. In any case, an individual will be subject to a higher tax\nliability under the new regime. <\/p>\n\n\n\n

The objective of such a change was stated as tax\nrelief for taxpayers and simplification of the filing process to reduce\ninvolvement of professionals. However, these changes would successfully achieve\nneither goal as the new regime results in an increased tax burden and doubles\nthe calculation involved. <\/p>\n\n\n\n

Among other changes, the budget proposed to abolish\nDividend Distribution Tax (DDT) and make dividend taxable in the hands of the\ninvestor. The only deduction allowed under this regime is interest expense, and\nis limited to 20% of income earned as dividend. Under the current regime,\ncompanies pay DDT of 20%, and individuals that receive dividend income above Rs\n10 lakh are liable to pay 10% dividend tax. Individuals falling above the 20%\ntax bracket are at a disadvantage as their tax liability on dividend income is\nnow higher than the original DDT. <\/p>\n\n\n\n

With respect to NRIs, the budget proposed to reduce\nthe residency threshold for individuals in India from 182 days to 120 days,\nwhich is against the international norm of 182 days. The budget also proposed\nthat any Indian citizen that fails to qualify as a resident of any other country\nwill be deemed as a resident of India. This implies that such an individual\u2019s\nincome would be taxed in India. This proposal has a significant impact on the\nshipping industry as mariners travel on international waters and could be\ndeemed citizens of India based on the new visitation requirements, witnessing\ntheir foreign earned income taxed in India. <\/p>\n\n\n\n

From the perspective of the government, this comes\ndown to the principles of tax elasticity and tax buoyancy. Tax Elasticity<\/em>\nrefers to the relationship between change in tax revenue and change in tax\nrates. Whereas, tax buoyancy <\/em>refers to the sensitivity of growth in tax\nrevenue relative to GDP growth. This is relevant as a higher GDP growth rate\nresults in a higher growth in tax revenue. The government\u2019s estimate of 10%\nnominal growth in GDP for next year with retail inflation currently at 7.35% is\nworrisome as it indicates a real growth rate of 2.5%, lagging at the tax\nbuoyancy front. With this statistic and the option of new tax slabs, it is\nnecessary to estimate and observe the interaction effect of these variables. \n\nWill the government\nbe able to meet its fiscal deficit target \nwith a negative effect of tax buoyancy and elasticity? \n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

. The government\u2019s estimate of 10% nominal growth in GDP for next year with retail inflation currently at 7.35% is worrisome as it indicates a real growth rate of 2.5%, lagging at the tax buoyancy front. With this statistic and the option of new tax slabs, it is necessary to estimate and observe the interaction effect of these variables. Will the government be able to meet its fiscal deficit target with a negative effect of tax buoyancy and elasticity? <\/p>\n","protected":false},"author":61,"featured_media":91978,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[3,48],"tags":[271,270],"class_list":["post-91976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indian-economy","category-public-finance","tag-direct-taxation-in-india","tag-income-tax-in-india"],"yoast_head":"\nThe conundrum of Income Taxation in India - The Public Economist<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thepubliceconomist.com\/?p=91976\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The conundrum of Income Taxation in India - The Public Economist\" \/>\n<meta property=\"og:description\" content=\". The government\u2019s estimate of 10% nominal growth in GDP for next year with retail inflation currently at 7.35% is worrisome as it indicates a real growth rate of 2.5%, lagging at the tax buoyancy front. With this statistic and the option of new tax slabs, it is necessary to estimate and observe the interaction effect of these variables. 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