Budget
Deciphering the Budget
EVEN topnotch accounting professionals often focus only on direct taxes, ignoring the other simple, yet subtle, aspects of the Union Budget. In fact, deciphering the Budget is an interesting exercise _ simpler than casting a balance-sheet.

Taxation
The evolution of income-tax _ II
THE taxation policies pursued in India has almost always been progressive, based on the concept of `ability to pay' _ that is, the taxes should be apportioned in accordance with the ability to pay, which is taken to be appropriately measured by income or wealth. The general approach is that as income or wealth rises, it can easily be spared. Therefore, progressive income-tax and other direct taxes have been considered the ideal levies.

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