The Ministry of Corporate Affairs, charged with framing the Rules of the new Companies Act, may have exceeded its briefThe apprehension that the Ministry of Corporate Affairs (MCA) would misuse its rule-making... »
Anyone who has ever devoutly cared to go through the other legislation lurking and awaiting enactment round the corner, - i.e. THE DTC , heavily criticized for its fatally inherent deficiencies in knowledgeable circles, might not have failed to realize that also suffers from like shortcomings. As drawn attention to on an earlier occasion, the expert commentary in the leading text book (NAP's latest, Tenth Edition, Vol I, pg. 3, under- Direct Taxes Code , 2012) seems to fairly and succinctly reflect the largely canvassed adverse opinion /criticism impinging on the very futility of replacing the present code with the 'new' code. What is sad is that, many who should be equally concerned e.g. professionals such as CAs , let alone their governing bodies, have, unwittingly or otherwise , thus far failed to come to grips with the surrounding realities but continue to avidly canvass for, and are fondly, with open arms, in loyal wait for ushering in the new code.
Of course, the only solace is that, if it were enacted, especially in its present text, as to what really is in store- good or bad- for the already muddled tax regime with complexities galore, could be expected to be known and felt not until a few more decades have passed by. Anyway, while it is the taxpaying community who would have to, as ever, bear the brunt of it in entirety, those who are traditionally looking for and accustomed to thriving on only complexities in such legislation would not have to be least bothered.
- Significant changes in proposed Direct Taxes Code, 2013
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