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COERCIVE RECOVERY NOT JUSTIFIED!

HC holds that ITO should not act as a mere tax gatherer but as a quasi judicial authority vested with public duty! “Administrative directions for fulfilling recovery targets for the collection of revenue should not be at the expense of foreclosing remedies which are available to assessees for challenging the correctness of a demand. The sanctity of the rule of law must be preserved.” With these observations, the...

ILLUSIONS LARGER THAN CONCESSIONS!

Tax reliefs granted by the FM in Budget 2012 are not only inadequate but also deceptive!                    While the Finance Minister has been predictable, in announcing the much expected Rs.2,00,000 personal income-tax exemption limit (from the current limit of Rs.1,80,000), he has disappointed the lady taxpayer and the senior citizen by not making any significant increase in their respective exemption limits of...

DTC PANEL MOOTS MAJOR REFORMS!

Seeks more rational exemptions, liberal tax rates, greater accountability in administration & taxpayer friendly regime!                    “We want taxpayers to celebrate DTC. I can assure you that our committee will make sure that the Direct Tax Code (DTC) is made as taxpayer friendly, as judicious and as equitable as possible,” assured Yashwant Sinha, former FM and Chairman of the 31 member Parliamentary...

SIMPLE PRE-BUDGET PRESCRIPTION!

Via meaningful reforms in tax administration FM can earn immense tax-payer goodwill without losing any tax revenue!               There was a time until the mid-1980s when our direct tax rates were so high, that Indian taxpayers used to pray to the FM, “Take away all our income, just return us our taxes!” However, the past 25 years have witnessed a considerable rationalization in the direct tax rate structure. And,...

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