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LATEST NEWS UPDATES | Tax policy in trying times -TCA Ramanujam and TCA Sangeetha

Tax policy in trying times -TCA Ramanujam and TCA Sangeetha

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published Published on Dec 15, 2020   modified Modified on Dec 15, 2020

-The Hindu

The events of the pandemic show how it is the need of the hour to modernise India’s archaic tax laws

The word ‘lockdown’, which is Collins Dictionary’s word of the year, sums up the pain that the world underwent in 2020. As a result of the pandemic-induced lockdown, India’s GDP contracted consecutively for two quarters from April to September 2020.

Some have gained from the pandemic. India’s super rich only became richer in the first half of the year — in some instances by over three times. Between January and June, 85 new Indians were added to the list of High Networth Individuals (with a net worth of more than $50 million). While this happened, the economy was on the verge of plunging into recession. Those dealing in stock exchanges also gained. It is amazing that when the GDP is contracting, some stocks are surging to phenomenal heights. The third set of gainers comprises corporate houses, Internet service providers, laptop makers and scientists engaged in medical research. The fourth set comprises manufacturers of masks and Personal Protective Equipment. Indian dealers have taken to this new business like fish to water.

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The Hindu, 15 December, 2020, https://www.thehindu.com/opinion/op-ed/tax-policy-in-trying-times/article33330601.ece?homepage=true


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