Income Tax

In life there are only two certainties, death and taxes. Just as the levying of taxes has been a certainty since time the beginning of time, the instrument of levy had an equal element of ambiguity. More so, in the Indian context. The Income Tax Act, 1961 which was meant to simplify and decode the abstruse process of taxation, compounds the predicament what with it being subject to the amendments by the Finance Bill every year. So, while the Finance Minister rises in the Lok Sabha to deliver the Bill every year, every heart of an earning honest hand pounds to see where will the delivered speech lead him. All this is set to change, what with a major wind blowing in the direction of change. Welcome to the proposed Direct Taxes Code Bill, 2009 which is to come into effect beginning 2011 and there will be an element of firmness not just about taxes, but also how they shall be levied and the method by which they will be levied.

In the following articles, I look forward to discussing what the present provisions of the IT Act, 1961 articulate and how the proposed Bill seeks to revolutionize the present approach. Wishing the readers an unambiguous guide to the convoluted world of taxation!! Please do drop in your comments to make it a vibrant, enriched and wholesome discourse.. : )