Tax Titbits

Abstract

Trade associations are busy with preparation of suggestions for next Finance Bill on invitation from the Government. Fiscal laws require review by way of an integrated outlook of both direct and indirect taxes from time to time. The draft Direct Taxes Code (DTC) is expected to be reviewed, but such review would require gargantuan efforts to make it simple and comprehensible. Mr. Arvind Datar in his preface to latest edition of Kanga and Palkhivala's "Law of Income Tax" takes the view that replacing the present law by DTC is like replacing one leaking bucket by another.