Decoding Black Money and Stabilizing Taxation Regime in India

Abstract

India, being a rapidly developing economy, has very strict laws governing tax compliance. However, still unfair practices are prevalent. Citizens engage in tax evasion and tax avoidance frequently. Where tax evasion involves engaging in illegal activities to reduce one’s tax burden, tax avoidance is just finding loopholes in the current tax administration system to avoid paying all the taxes that one is legally required to. Apart from enforcing strict punishment measures against the issue, a moral compliance has to be enforced to bind the citizens by force and nature of duty towards the country so that the evading tendencies can be rooted out from within and the issue combatted easily.For an economy to grow together, they should give back what they get from society. Being aware of the effects of tax evasion on the economy, it is the citizens’ responsibility to support the government by abiding the tax laws and paying taxes on time. Just like every drop of water makes an ocean, the contribution of every citizen makes a difference in the economy.

How to cite this article: Chatterjee A, Malkhandi I. Decoding Black Money and Stabilizing Taxation Regime in India. J Adv Res Polit Sci Gov 2022; 6(1): 6-9.