The author is chillingly polite when he says that even the draftsmen of the Direct Taxes Code have not realized the far reaching consequences that their proposals will have. He identifies ten conceptual problems with the Code and warns that unless these are addressed, the Direct Taxes Code will become a draconian piece of legislation. He also implores tax professionals to rise to the occasion and come forward with objective suggestions which will help simplify and rationalize tax laws and procedures
Direct Taxes Code – 2009, may not achieve the desired object of simplification of the Direct Taxes. Tax Professionals must come forward with objective suggestions which will help to simplify and rationalise the tax laws and procedures.
In the 62nd year of independence, the Government has proposed the Direct Taxes Code. Tax professionals, have already started debating on the proposed Direct Taxes Code. We are of the considered opinion that if Government considers the various suggestions put forward by the professionals and professional organisations and thereafter the amended bill is introduced, it will bring stability in the tax laws. Hence the professionals concerned must send objective suggestions without any fear or favour. There are provisions of far reaching consequences in the proposed Code and the objectives may not be realised by the team which has drafted the Direct Taxes Code. It is therefore, desirable to refer the matter to the Select Committee of the Parliament before the Bill becomes an Act.