Excise gives way to Income Tax
For the first time in the history of independent India, the direct taxes collections are going to be more than the indirect taxes collections. This is the situation in all developed countries. May be India can also join the elite club now. This information was given by Finance Minister Chidambaram while addressing the Chief Commissioners of Income Tax yesterday. He told the Chief Commissioners that The investigative methods being adopted must graduate from the “blunt” instruments of search and seizure to the “sharper”, intelligent methods using information technology.