Bibek Debroy, the economist who once created a furore with proposal to tax farmers
Economic Advisory Council to the Prime Minister, Bibek Debroy, passed away on Friday, aged 69.
Debroy, a Padma Shri awardee, has held several key offices including Chairman of the Finance Ministry's 'Expert Committee for Infrastructure Classification and Financing Framework for Amrit Kaal' and a member of government think tank, NITI Aayog.
But he gathered all the attention and made headlines when he proposed taxing agriculture income above a certain threshold to expand the tax base, alarming a large population in India, even the government.
“There should be no distinction between urban and rural. The threshold for taxing rural agriculture income should be the same as urban income. However, rural agriculture income taxed could be an average of three years as it is subject to weather fluctuations,” Debroy had said in 2017, explaining the Aayog’s proposal to expand the country’s tax base.
Agricultural income in India is exempt from income tax under Section 10(1) of the Income Tax Act, 1961. This tax exemption applies without any limit, allowing farmers to earn unlimited agricultural income without paying any income tax.
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