India's Direct Tax Code unscrambled
A little more than six months ago, Indian officials asked taxpayers to comment on a new 256-page document that ripped up the country's 49-year-old income tax law. This was the first time that a tax law had been passed to taxpayers for consultation of any sort. The document, known as the Direct Tax Code (DTC), introduced widespread changes to the tax system all in the name of simplification and ease of use. But now, Jack Grocott discovers taxpayers and tax professionals are concerned that the code needs a drastic overhaul if India is to operate with an internationally-respected tax system that attracts foreign investment.
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