Tax payment is mandatory for every citizen of the country. Taxation is an instrumental tool to procure resources for the government to enable it to formulate policy schemes for the overall development of the economy. Income tax plays an important role as a source of revenue and an effective measure of removal of economic disparity. Different objectives of taxation, each one of them desirable by itself, can pull in different directions. The state should formulate a comprehensive and cohesive tax

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... system which can balance the different objectives in view of its own requirements and goals. The present paper is an attempt to study the present tax structure in India and the recent reforms undertaken.