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Latest edition of I-T book launched
Our Bureau
Kolkata
,
Aug. 11
Launching the 15th edition of the two-volume income tax tome `How to handle income tax problems', jointly authored by Mr Narayan Jain and Mr Dilip Loyalka, here today, Mr D. K. Das, Chief Commissioner of Income Tax-1, Kolkata, said such works need constant updation to keep abreast of the fast changing tax laws.
Lauding the authors, Mr Das said since the new IT Act was expected to see the light of day any day now, such useful publications for consumption of both the taxpayers and the department people administering the process of collection should not become obsolete.
He cautioned that all those using the book, like tax practitioners, should incorporate the changes in law and the amendments to the various sections, soon as they happen, ensuring that contents of the books remain updated.
Commenting on the 15th edition, Mr Jain said the new amendments made by the Finance Act, 2006 as well as the Taxation Laws (Amendment) Act, 2006 have been analysed in detail in the book. Focus, he added, has been given to reduced rates of tax whereby a person having taxable income of Rs 2.5 lakhs now needs to pay only Rs 5,000 as tax, if he avails himself the benefit of Rs 1 lakh under section 80C during the current financial year.
He told Business Line that the book, published by Book Corporation, contained suggestions as to how assessees should arrange their tax affairs.
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