Tax Stalwarts' thumbs down to DTC!
It was truly a memorable experience attending the book launch of the Revised 10th Edition of tax classic - Kanga & Palkhiwala, written by Senior Advocate Arvind Datar. What came as a surprise to me, however was, when most senior tax professsionals assembled for the occasion, including legends like Soli Dastur and Bansi Mehta came down heavily on the need or even the idea of enacting a new tax law like DTC. While Dastur criticised the way in which DTC had been drafted, Bansi Mehta termed the idea as sheer "arrogance" and advised the Government to instead consolidate and build on the current Income tax Act. Datar too launched into DTC, saying that it would be a waste of productive time, arguing on " why a comma is not there, why 'and' is not there" etc..
It is for the first time that respected tax professionals have come out in the open to strongly criticise the DTC. Anyway there shouldn't be too much reason for them to worry since it looks highly unlikely that the DTC will be passed before General Elections. If it is not, then the bill will lapse and who knows.. a new government may appoint another committee to write a new Income Tax Act!! Here is the video link if you want to hear what Dastur, Bansi Mehta, Arvind Datar and TP Ostwal have to say on DTC - http://www.taxsutra.com/taxsutra/taxsutratv