No arrangement/ system can be said to be perfect in any circumstances. In the same way it cannot be said that one or other taxation system is perfect for it. But it requires to be looked again and again and make the required improvement/ changes as time and circumstances demands. And that's the way how any economy comes closer and closer to perfection. In India we saw a reform in indirect tax system, but still we are following the same direct tax system from 1961 (nearly 6 decade old). Numbers of things have changed since and also a lot of problems are pointed out. Despite reforms since 1991, much remains to be done to make the tax system broad-based, productive and efficient. The personal income tax continues to be narrow based. This research paper tries to present a Reformed Personal Income Taxation System (RPITS). The whole system is based upon the idea of equality.
Taxation System, Economy, Direct and Indirect taxes, Reformed Personal Income Taxation System (RPITS)
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