FM working on the New Income Tax Act.

By Vijay Kumar

There is none in the Finance ministry who can better the FM, in drafting laws. And this time around the FM is personally involved in preparing the new Income Tax Act. He told PTI that he was working even on weekends to prepare the draft and will present it to Parliament before the year end.

The Income Tax Act 1860 survived for a century when it was replaced by the Income Tax Act, 1961. And most probably the present Act will not celebrate its golden jubilee.

The whole idea is to simplify the Income Tax law. But all our efforts to simplify have always ended up in further complication and confusion.

The FM should draft such an Act that his party President would understand easily and devise such forms that the President can file the returns without anybody's help.