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India Khan justifies need for new Direct Tax law
Member of Central Board of Direct Taxes S S Khan today opined that the changed economy, simplified language for tax provisions and the need to have a moderate tax regime with a strong deterrence had pressed for a new 'Direct Tax' law in the country. Addressing a gathering after inaugurating a CPE seminar on 'Charitable and Religious Trust -- Recent Developments and Provisions in the Direct Tax Code' organised by the local chapter of the ICAI here, Mr Khan said there was always a question on the need to have a new 'Direct Tax' law but that contention does not hold relevance. He said the present Income Tax Act of 1961 was drafted during 1957-59 and much had changed after that. '' The Indian economic clout had changed drastically and the political economy is also different and we need a new law that addresses the issues of today and tomorrow,'' Mr Khan noted. Mr Khan, who is also the Special Secretary to the Government of India, also added that the proposed Direct Tax was an answer to the demand for a simplified language in enumerating the tax provisions. The proposed Direct Tax also points the finger to have a moderate tax regime with strong deterrence in association with the Information Technology industry. In his speech, Mr Khan also praised the Kochi division for its effort to collect tax, which was way above the national percentage of collection. '' When the other regions were struggling to meet the national target, the Kochi division was doing well in collecting taxes,'' he added. -- (UNI) -- 30MS57.xml
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