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Shome comittee Identifies 29 Issues in Direct Taxes & 47 Issues in Indirect Taxes
BLLalit Kumar
Caught between the law and the rules
The Ministry of Corporate Affairs, charged with framing the Rules of the new Companies Act, may have exceeded its brief
The apprehension that the Ministry of Corporate Affairs (MCA) would misuse its rule-making...
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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.
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Swaminathan Venkataraman commented on 2 articles.
- Significant changes in proposed Direct Taxes Code, 2013
- Govt. invites comment on Proposed Direct Taxes Code 2013 + Download DTC 2013
- Forms for Appointment, Resignation, Removal & Reporting of Fraud by Auditor – CA 2013
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