The tax department recently decided to extend by three months the government’s deadline limiting the reassessment of tax cases from six to three years. As a result, companies, businesses and professionals, even retired ones, have been hit with notices. This move, writes Debashis Basu here, flies in the face of the government’s commitment for a “fair and just system” and is also a symptom of the arbitrary manner in which the tax department behaves.
Tamal Bandyopadhyay explains why we should expect no action from the monetary policy committee meeting this week. The focus, he says, is firmly