Financial Daily from THE HINDU group of publications
Tuesday, Mar 22, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 22, 2005 |
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Opinion
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Letters Transaction tax
This refers to the article Cash withdrawal tax clause: Govt adding to its tax burden? (Business Line, March 18). The article talks about the proposed new definition for the word `person' and extend it to include the government as well. The Income-tax Act (1961) was passed under entry 82 of List I, which is "Taxes on income other than agricultural income". Essentially, therefore, no provision of the Act can be applied, except to a `person' having, or who could have, any income so as to come within the purview of the Act. The Union or any State Government is not such a `person' governed by the Act. Besides, the premise that even a government office may resort to a cash withdrawal from bank so as to result in generation of black money or evasion of tax itself appears to be a non-starter. V. Swaminathan Bangalore
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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