Business Standard

Towards a robust new direct tax law

A new Income Tax Act is preferable to continuous amendments in the existing Act

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Girish Vanvari
Globally, tax laws have been evolving over time to keep pace with changes in the socio-economic and political spheres. These changes have been triggered by the desire to protect and expand the tax base. Internationally, these changes are reflected in initiatives such as Base Erosion and Profit Shifting (BEPs). 

The Indian government intends to overhaul its existing Income Tax Act, 1961 (the Act). In order to review the existing Act and to draft a new direct tax law in consonance with the country’s economic needs, the government has constituted a task force. Its mandate is to draft an appropriate direct tax
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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