William D King: An analysis of the pros and cons of the new proposed income-tax bill
The new proposed income-tax bill that is to be implemented all across India by the end of 2015 has various pros and cons says, William D King. It has aroused mixed feelings among people in general about its benefits for them. The government on one hand claims that it will make life much easier for everyone since they do not have to go through the trouble of filing tax returns every year, while on the other hand there are some who are concerned with the loss of transparency in terms of the annual income/expenditure statement of citizens. Analysis: The major advantage is that since there would be no need to file yearly tax returns, the cost of compliance will come down significantly thus making doing business much more affordable. This can further lead to more investments in the economy says, William D King. It also removes the process of filing tax returns every year which is both cumbersome and time-consuming. The lack of transparency in terms of annual income/expenditure statements makes it much more difficult… Read More »William D King: An analysis of the pros and cons of the new proposed income-tax bill