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The taxman's demon

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Business Standard New Delhi

Facing widespread criticism over many tax proposals in the Budget, finance ministry officials are wondering how to best write the law so that it is clear to everyone. They have, however, now come to the conclusion that no matter how hard they try, industry will find loopholes in the law to use it in its favour. One official compared the taxman’s predicament with demon king Hiranyakashyap who was granted the boon that he would not be killed in the day or the night, inside a house or outside, but was ultimately killed at twilight in the courtyard.

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First Published: Apr 23 2012 | 12:57 AM IST

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