You have carried a report about Nani Palkhivala having sent a letter to the finance minister, P Chidambaram, stating that the proposed new Income-tax Bill has not simplified the income-tax laws (November 17). I quite agree with the views expressed by Mr Palkhivala. In fact, there is no major basic change in the structure of laws governing income tax, as proposed in the new Bill. Hence, there is no logic in introducing the new Income-tax Bill.
If, however, the government is still determined to introduce it, then the law should be applicable only from the financial year 1998-99 relevant to the assessment year 1999-2000. There is no rationale in making the new law applicable for the current financial year 1997-98.
