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A Tryst with Your Tax Destiny!

Participate in Shaping the Final Contours of The Direct Tax Code

“To qualify being literate in the 21st century, you must be one who can learn, unlearn and relearn.” This quote of Alvin Toffler should inspire taxpayers and professionals of India to get oriented with the new philosophy of the proposed Direct Tax Code (DTC), after their near 50 year old acquaintance with the Income Tax Act of 1961.

Fortunately, the new code is not just old wine in a new bottle. With its thrust to improve the efficiency and equity of the tax system by eliminating distortions in the tax structure, introducing moderate levels of taxation and expanding the tax base, it encompasses sweeping structural changes.

Simplicity, flexibility, unification, consolidation and even some logical innovation drawing inspiration from best international practices are some of its striking meritorious features. While several old notions have rightly been discarded in response to the needs of changing times, many new concepts introduced, though seemingly justifiable, are wrought with inequities and inconsistencies that need to be ironed out before the Code gets enacted.

One legislation that has always aroused the maximum interest and concern amongst literate Indians is tax, since it has a direct influence on the money that comes and goes in and out of their wallets.

Starting from 20th August during the coming for weeks, TOI’s Taxing Times and its columnist leading tax expert Mukesh M. Patel will present every Thursday and Monday, a series of nine analytical articles ‘Cracking the Code – Tracking your tax Future,’ with a view to enable you to appreciate the impact of the new tax proposals on your earnings, savings, wealth and management of tax affairs and stimulate you to raise your voice of approval, concern or even dissent.

Slated to be effective from 1st April, 2011, the draft DTC has been kept open for public debate until September end, before it is presented to the Parliament in the Winter Session, 2009 for formal enactment.

We invite you to give your valued feedback through Times MTMV. TOI readers’ views on the Code will be digested and sent to the Finance Minister, CBDT and other relevant authorities for their earnest consideration. Your active participation in shaping the final contours of DTC through this novel initiative of TOI will be of meaningful significance.

Take it as a tryst with your tax destiny!

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