Prime Minister Narendra Modi, during the annual conference of tax officers in September 2017, had observed that the Income-tax Act, 1961, was drafted more than 50 years ago and it needs to be redrafted.
Over the past one year, aadhaar has been made compulsory by the government for various schemes/programmes and institutions. While the legality of Aadhar Card is being argued in court of law, here are some services for which Aadhaar card is mandatory.
The court termed as fallacious argument advanced by the counsel for petitioners that the provision of the I-T Act was discriminatory in nature as it created two classes - one class of those who volunteered to enroll themselves under Aadhaar scheme and other class of those who did not want it to be so.
To curb the formation of shell companies, which are located abroad but controlled from India, to evade taxes, the government has amended the income tax act by introducing the concept of ‘place of effective management’. Following the amendment, all such companies would be taxable in India even if they are incorporated abroad but their key […]