NEW DELHI: The Economic Survey on Friday said the government should refrain from raising exemption limits on income tax to facilitate natural growth of individual earnings and widen the taxpayers base, even as it also suggested increasing property tax.
The Economic Survey 2015-16, tabled in Parliament on Friday, also called for a review and phasing out of the tax exemption raj that benefited the richer private sector and a “reasonable” taxation for better-off individuals.
A cross-country comparison shows that India currently has the lowest number of taxpayers, it said, adding that nearly 85 per cent of the economy still remains outside the tax net.
>> Detailed Economic Survey report on pg 7
