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Governments

How to make tax officials accountable

Individual Tax payers have become more vocal as compliance by them has improved significantly and aggregate taxes paid by individuals has overtaken taxes paid by corporates. With that the demands for the tax department to be held accountable have also increased. Unfair treatment such as indefinite delays by the tax department or very low interest paid by them on delayed refunds are no longer acceptable. Harsh's article in the Business Standard on how accountability can be infused in the Income Tax department using the model of Public Service Guarantee Act enacted by almost all state governments. comments welcome.
Press

Exit with indexation should be offered

Two friends, Ram and Shyam, were travelling on a train when robbers started looting its passengers. Shyam owed some money to Ram. Before the robbers could reach them, Shyam took the money from his pocket and repaid his loan to Ram. Shyam was technically correct in repaying the loan then. Similarly, the Govt.'s move to do away with indexation is technically not a retroactive amendment but it has retroactive impact and is against tax stability. The removal of indexation follows global practices but its abrupt implementation does not. The govt should allow indexation till 2024 with the reduced rates of ...
Uncategorized

#CapitalGainsTax – Budget 2024

Press

Simpler capital gains tax regime highlight of Budget

One of the less discussed impact of the budget is the likely reduction in misselling of life insurance policies. The highlight is the simplification of the capital gains regime (at least as far as assets bought from now on are concerned). The situation in respect of past assets bought till 23rd July 2024 remains a little complicated. Harsh's article in the Business Standard on the impact of the budget.
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