Direct Taxes Code (DTC) does not become a Da Vinci Code. The Direct Taxes Code (DTC) was likely to be implemented from 1st of April, 2011. All the deadlines have been postponed. Let us hope that it will bring better changes to taxes and our taxing lives.
The most taxing activity in the world today is planning our taxes and paying our taxes. Can we all attempt to solve a simple quiz? The quiz is: What percentage of tax revenue is needed just to fund the Act of Taxation? This puzzle does not seem to be that simple. And I somehow feel the answer to this puzzle lies in one of the insights of Albert Einstein. He says, “Only two things are infinite, the universe and human stupidity, and I’m not sure about the former”. And the answer to the above puzzle must be, “infinity”. It would have been really very easy to the tax and revenue authorities to make tax assessment of Albert Einstein. In all cases it would have been a best judgement assessment, because the guy says, “I don’t keep books, records, recordings of anything. That’s too complicated”. Oh my God !! Just see his honesty !! I have no doubt that the statutory authorities would have grilled him for this for hours and hours. In any case, the best judgment assessment would have been the only solution to his case. I know he was a great genius. What I am saying is just on a lighter side. Indian Tax System is a very complicated subject comprising of many types of taxes broadly divided into Direct Taxes and Indirect Taxes.