Draconian Fiscal Laws
THE TAXATION LAWS (AMENDMENT) BILL, 2005 – CAG can wait – Here is the fiscal bomb of the year. The second and third years in office of a new government are dangerous – to the citizens. The first year is euphoria and honeymoon with the voters. Fourth year should start the wooing back of the jilted lover. But the FM could not even wait for the first anniversary of the UPA government to inject his strong dose of fiscal medicine. It was only yesterday that DDT reported the FM as saying he was against search and seizure- but he is not against arrest – for alleged offences. He is not against attachment of property immediately after Show Cause Notice – as the two draconian measures introduced in the Bill would show. To be fair to the FM, he has also introduced several assessee friendly measures like a benevolent retrospective legislation in regard to wire drawing. Please see DDT 111(10.5.2005). CAG can wait – the hot news is the Taxation Laws amendment Bill. And as usual we in Taxindiaonline are proud to be the first to bring you the Bill and a quick analysis of the provisions.
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