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Income tax ammendment

Ramesh (Audit Manager) (111 Points)

19 December 2012

Hi friends i have a doubt

Why the income tax act is ammended every year

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6 Replies

Sanjeev (Accountant) (21 Points)
Replied 19 December 2012

get more gyan on TaXATION....

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nayan (article assistant) (466 Points)
Replied 19 December 2012

FOR THE BETTER TAX ADMINISTRATION AND REVENUE COLLECTION.ALSO TO COPE WITH THE COST OF LIVING, CONTROL INFLATION AND FOR CONTROLLING TAX EVASION

IA & Risk expert (Freelancer) (198 Points)
Replied 19 December 2012

inflation & other indexes cahnge on a daily basis. There is a need to change the rates of tax, concession granted wtc. wit hthe changing demands of the economy various tax reliefs are designed.. hence it is necessary to upgrade it...

GEORGE JOSEPH ( Practising CA) (100 Points)
Replied 19 December 2012

The fast changes in economy demand timely suitable changes in tax structure also. Various decisions pronounced by high courts and Supreme court in Income tax from time to time are also taken into account by govt. to effect amendments wherever necesary in the best interest of revenue.

Shankar Aryal (CA Article) (24 Points)
Replied 21 December 2012

Simply,Without any amendment there is not any possibility of Growth. Similarly,Income tax is Amended to do better in any field like in Collection,Tax Evasion area,,etc.