An ordinance tax boost

Though there have been several precedents for Parliamentary Money Bills, such as income tax amendment, being promulgated by an Ordinance, it’s rare to see such dramatic changes to income tax rates. Just as there is first to everything, last Friday’s development is historical, though rational, given an urgent need for boosting confidence by way of directional tax policy change. There are two ways to view the change. Firstly, should this not have been a logical outcome, given how uncompetitive India as a nation was, getting to with effective tax rates crossing 35 per cent and if one .....

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