No ‘multi-layered’ income tax structure in India; wealth, gift and fringe benefit taxes removed: FinMin - A2Z Taxcorp LLP

The Finance Ministry has firmly denied that India follows a “multi-layered income-tax structure”, even as Parliament last week during the first leg of the Budget session witnessed detailed discussions on both direct and indirect tax reforms. In a written reply last week, the Finance Ministry clarified that income tax in India is governed solely by the Income-tax Act, 1961, and recen…