Paper Contents
Abstract
Abstract.The Indian tax system has long relied on personal income tax as a primary source of revenue, yet concerns persist regarding its efficacy in addressing wealth inequality and broadening the tax base. In response to these challenges, there has been growing interest in exploring alternative tax structures that could better redistribute wealth and ensure fiscal sustainability. This paper investigates the potential transition from personal income tax to inheritance tax in India, analyzing its implications for fiscal policy, wealth distribution, and economic equity. Drawing on historical context, current tax data, and international comparisons, the paper evaluates the rationale for such a transition, identifies challenges and considerations, and assesses the potential revenue generation and impact on wealth distribution. By synthesizing insights from expert opinions and research studies, the paper offers recommendations for policymakers and stakeholders considering this fundamental shift in India's tax system. Through this analysis, the paper aims to contribute to the ongoing discourse on tax reform and economic development in India, ultimately redefining fiscal horizons in pursuit of greater equity and prosperity.
Copyright
Copyright © 2024 Dr. Shaikh Taufiq Khalil. This is an open access article distributed under the Creative Commons Attribution License.
