India ushered in the era of economic liberalization and reforms in the year 1991.During the last two decades,the Indian economy has grown at 6% on an average Y-o-Y basis.The period of economic growth also saw Indian direct tax collections increase at an average yearly growth of 20% (between 2002-03 to 2013-14),far exceeding the growth in GDP, mainly on account of the lowering of the tax rates and the use of the Information Technology in the tax administration and tax data handling.But the period also saw new challenges,along with the old ones,for the Indian Tax Policy and Administration.Tax Base remained limited.Tax-GDP ratio remained low,despite buoyancy in tax collection.The system of tax incentives to favored sectors had become deeply entrenched in the political economy.International Taxation issues along with issues of exchange of information between tax administrations,round tripping,treaty shopping through Mauritius,Vodafone case,transfer pricing etc.exposed the loopholes in the Indian Taxation System.
Indians stashing un-taxed wealth abroad became subject of great public out cry.The present book is a humble attempt to present the findings of the research undertaken by the authors on some of these very contemporary issues in Direct Taxes in India. Comprising of thirteen essays,the compilation also offers Policy and Practice insights for developing countries in general and India in particular on each of the subjects discussed.
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