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FM’s BUDGET ON A ROCK & ROLL!

One year deferment of GAAR, equity savings scheme & some TCS concession likely to be announced in Finance Bill today!               Taxpayers are bound to keenly watch the Lok Sabha proceedings today, as the FM rises to move some amendments in the Finance Bill, 2012, which is slotted for discussion and approval of the House on May 7 & 8. ANY ROLLBACK ON GAAR?               Will there be any rollback on the...

CALL FOR CRUSADE AGAINST GAAR!

Even as Parliamentary Panel frowns on the notorious DTC provisions, Budget gives it a mischievous back-door entry!              While presenting his Budget 2012, the Union Finance Minister referred to the ‘Report on the Direct Taxes Code (DTC) Proposals’ received from the Parliament’s Standing Committee on Finance and observed that, “we will examine the Report expeditiously and take steps for the enactment of DTC...

Looking at London, Talking to Tokyo!

The Code boasts of incorporating simplicity, well accepted principles  & best international practices.’ Does it achieve or deceive on this count?                  The Direct Tax Code claims that its attempt is “to simplify the language to enable better comprehension and remove ambiguity to foster voluntary compliance.” Just consider this. Section 284 dealing with ‘definitions’ defines as many as 318 terms and...

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