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LATEST NEWS UPDATES | Niti Aayog backs tax on agriculture income

Niti Aayog backs tax on agriculture income

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published Published on Apr 26, 2017   modified Modified on Apr 26, 2017
-The Times of India

NEW DELHI: Niti Aayog, the government's thinktank, has strongly backed taxing of agricultural income above a certain threshold and removal of exemptions on personal income tax as part of a strategy to expand the tax base and prevent evasion. There is a view within the thinktank that the blanket relief on agricultural income was aimed at protecting farmers, but it was being misused by many non-farmers who declare agriculture as their source of income to evade tax.

"But the eventual answer to expanding the base on the personal income tax other than elimination of exemptions is also to tax the rural sector including agricultural income above a certain threshold," Niti Aayog member Bibek Debroy said on Tuesday, at a news conference convened to unveil the draft three-year agenda that is replacing the Soviet-style five-year plans followed by the erstwhile Planning Commission. In its news release on the three-year action agenda, Niti Aayog called for tackling tax evasion, expanding the tax base and simplifying the tax system through reforms. Citing an example it backed the idea of consolidating existing custom duty rates to a unified rate.

On the threshold of imposing income tax on the rural sector, Debroy said it could be decided after taking into account the average income of either three years or five years. "I don't believe in artificial distinction of rural and urban, so whatever is the threshold on personal income side on urban side, should be exactly the same on rural side," he said.

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The Times of India, 26 April, 2017, http://timesofindia.indiatimes.com/business/india-business/niti-aayog-backs-tax-on-agriculture-income/articleshow/58370585.cms


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