Indian Economy For Competitive Exams

Indian Economy For Competitive Exams

Committees On Taxation Reforms in India

1. Taxation Enquiry Committee It was established in 1953 chaired by Dr.John Mathal.To examine the incidents of Central, State and Local taxation on various classes of people.To examine the suitability of tax system to remove inequalities.To examine the effect of taxation on income and capital formation.To explore fresh avenues of taxation

2. Indian Tax Reforms Committee:

Made in 1956Chaired by Prof.KaldorMeasures to widen the basis of Taxation on the following items.Wealth TaxCapital Gains TaxGift TaxExpenditure TaxReformingCommercial TaxTax Evasion

3. Boothalingam Committee:

Main report was on " Rationalization and Simplification of Direct Taxation in India.Recommended 10% advalorem on all products.Simplification of Customs rates.Raising of exemption limit to the Income tax.Abolition of Dividend Tax.

4. Direct Taxes Enquiry Committee:

Made in 1970 and Chaired by Mr.K.N.Wanchoo.Main concern of the committee was on Black Money.Extent of Black MoneyCauses of Tax EvasionMeasures to unearth Black MoneyFighting Tax Evasion.