Entries from March 2008 ↓

Why retrospective amendments in direct and indirect tax by union budget?

Past several years it is a regular practise that finance minster propose several amendments in the direct and indirect tax with retrospective period ranging from 1 year to 15 years to nullify the effect of the case law in favour of the assessee. In my view it is totally unethical that unless until there is a major revenue loss the tax planning within the law should not be abandoned by the budget proposals.