On a scale of 1 to five, how would you charge NDA on direct taxes?
As knowledgeable tax practitioner and no matter any political affiliations, I’ll say that in these 10 years, tax reforms on direct taxes have been outstanding. A variety of measures have been taken to make life simpler for the taxpayer and on the identical time, make sure that compliance improves. Widening of the tax base, use of expertise, reforms in tax charges are among the strikes. The discount of tax charges for corporations helps us in our effort to turn into the manufacturing capital of the world, in view of the China slowdown.
A score is a tough query, however wanting on the reforms, it’s nothing lower than 5; or one thing between 4 and 5 since reforms are a steady course of and there’s scope for enchancment within the subsequent 10 years or so.
What was the gamechanger?
I’ll say that expertise upgradation and use of expertise is the gamechanger. I can say that the tech of the IT division right here is among the many finest on the planet as a result of I’ve had the privilege of wanting on the programs in US, Europe, UK, Australia and New Zealand.
The unfinished agenda…
One subject that agitates me is the belief deficit between the taxpayer and tax administration. This needs to be bridged. A method it may be achieved is by making the legislation less complicated. Whereas these drafting might take care to make sure there is no such thing as a ambiguity, the thoughts can at all times discover some hole. Tax administration has to pro- actively subject steering the place there’s confusion or potential for confusion.
#Expertise #largest #recreation #changer