The writer is a chartered accountant.
The government should think of a better alternative to the ICAI and SEBI. There should be an entirely new regulatory body to protect against frauds of the sort we have been discussing. It is well said that prevention is better than cure.
Unfortunately, in our Indian tax system, legal disputes ensue because tax laws are not drafted with clarity and are hence misused by tax officers. Such litigation adds to cases in the country’s already overburdened courts.
High-profile corporate scandals have brought into public consciousness the commonplace subject of corporate governance reforms. A separate act and regulations like RERA Act 2016 are required to protect equity capital investors in the stock market.
The RERA may improve ease of doing business in India. The Act will improve governance, bring more transparency and accountability in realty sector.
One must not only declare all foreign assets but also all overseas income, including income from house property
Compliance is the biggest concern under GST, its cost may be too high as taxpayers will have to file separate returns for IGST, CGST & SGST
Systemic glitches impede government attempts to rid economy of black money
Blame the nation as a whole for the poor implementation of demonetisation
Rules should be drafted with clarity to avoid harassment of taxpayers.
Make I-T laws less subjective, fix accountability of officers.