How Indirect Taxes Impact Economic Equity in India
India’s tax system has undergone significant changes over the decades, shifting from a complex and fragmented structure to a more streamlined approach. While direct taxes now contribute a greater share of government revenue, indirect taxes remain an essential part of India’s fiscal strategy. However, their regressive nature disproportionately affects lower-income households, raising concerns about economic equity.
Tax Bill Allows Govt to Access Emails, Social Media, Bank Accounts
Starting April 1, 2026, the Income Tax Department will have the authority to access individuals’ digital spaces—including social media accounts, personal emails, bank accounts and online investment platforms—if they suspect tax evasion or possession of undisclosed assets.
India’s 2025 Budget Breakdown for Everyday Citizens
Finance Minister Nirmala Sitharaman unveiled India’s full-year budget in Parliament on Feb. 1. The budget seems to fall short of directly addressing critical economic challenges that impact the vast majority of the country’s populace, including youth unemployment, stagnating wages and widening income inequality.
Why Only 6.6% of Indians File Income Tax Returns
In a parliamentary session, Finance Minister of State, Pankaj Chaudhary, revealed that only 6.68% of the country’s population filed income tax returns (ITRs) for the fiscal year 2023-24. There are multiple factors contributing to the low rate of income tax return filings in India.
Is 2024 Budget Good for Average Taxpayers and the Poor?
India’s 2024 budget introduces significant fiscal changes, which are likely to reshape the economic landscape for various sectors of society, particularly impacting poorer segments and average taxpayers. The nuances of these expected changes reveal a contrast between immediate relief measures and the broader, potentially more burdensome, tax implications that accompany them.