The Modi government promised to make tax laws more transparent and less complex. The revenue secretary, today, is Hasmukh Adiha, a Gujarat cadre IAS officer who is close to the prime minister. However, Indian tax laws are so outdated, and their application so mindless, that there is no dearth of issues affecting taxpayers. In our Cover Story, Ameet Patel, a chartered accountant who has written several outstanding articles for Moneylife, highlights five main areas on which the government can focus, to make income-tax less cumbersome. From the tedious TDS (tax deducted at source) to income-tax notices sent out to 80-year-olds for not filing taxes, to the ever-changing income-tax return forms and difficulty in dealing with any change in PAN records, these issues cost individuals a lot of time and effort. Will the government introduce reforms that save individuals from
It’s been nearly a quarter century since the 1992 securities scam and the cases are still continuing. On 30th October, Justice Roshan Dalvi delivered a judgement in what should have been among the first scam cases to be decided. Sucheta, in Crosshairs, points out that innocent bankers have been convicted and sentenced to rigorous imprisonment while brokers, who can afford better and more expensive lawyers, have been acquitted.
In Different Strokes, Sucheta writes on the never-ending menace of chain-money schemes which have now got the attention of the parliamentary standing committee on finance. The committee recommends new legislation to deal with this large-scale looting of public money. Unfortunately, existing laws have not been effectively enforced. Recommendation of a new statute and special courts sounds good on paper, but it is unclear how it will work in practice.
Moneylife has, often, highlighted that investing in real estate is a bad option.
R Balakrishnan, in his article, gives a few solid reasons on why you should avoid real estate as investment. From all of us here at Moneylife, wish you and your family a Happy Diwali!