| "body"> | | | | RIGHT USE OF PROFESSIONAL TALENT |
| Public debate has not fully supported DTC in India. | | | | The precious time of professionals are meant to |
| Should the Indian Government introduce a | | | | be used productively to contribute to National |
| legislation which may invite serious difficulties in its | | | | GDP and Growth. Professionals should have more |
| implementation? It will be a national disgrace, if the | | | | time to attend clients rather than in understanding |
| code is enacted and may be withdrawn later | | | | the routine comprehensive changing laws and then |
| because of chaotic situation. Will it shake the | | | | get involved into legal conflicts. India has |
| confidence of foreign investors in India? | | | | abundance of human resource and if used |
| Many of them are already baffled with Indian | | | | properly there is a possibility that the world can |
| bureaucracy and plethora of laws. Can any one | | | | see the return of contemporary version of |
| imagine; how many precious man hours of | | | | "Golden Indian Era" |
| Chartered Accountants, Professionals and other | | | | SIFI.COM/FINANCE a popular Indian website |
| related people are used for unproductive work of | | | | reports about DTC as under: Direct Taxes Code: |
| understanding, debating a legislation with "end | | | | A wild goose chase taxing offshore transactions. |
| result" of: either withdrawal or postponement of | | | | The single-mindedness with which the Direct |
| legislation? Taking a public opinion before enacting | | | | Taxes Code has been designed to enhance |
| any law is considered a globally accepted healthy | | | | revenue productivity would have been |
| exercise but if it is not supportive, the | | | | praiseworthy but for the fact that the Code |
| consequences of unilateral enactment will be | | | | avowedly goes against many time-hallowed and |
| disastrous. Too many frequent changes in law | | | | basic concepts on the specious ground that "some |
| keep the lawmakers and taxpayer confused all | | | | assumptions which have held the ground for |
| the time. Obviously, DTC has many good features | | | | many years have been discarded". |
| too and it may be wise that all disturbing | | | | To give just two examples: first, the Code has |
| provisions should be taken out from the Code and | | | | more or less ignored the basic concept that there |
| may be introduced later after examining the | | | | is a difference between a revenue receipt and a |
| implications properly. Tax payers must be | | | | capital receipt and secondly, that a later provision |
| considered as a partner in national growth instead | | | | in the domestic act will override Double Taxation |
| of a party for tax collection. | | | | Avoidance Agreements ("DTAA"). |