Direct Tax reforms to improve EoDB ranking of India:

With all due respect to the mandarins who are making the laws more and more complex in the name of simplification, I humbly submit, instead of such big sounding announcements GoI can SET the following smart goals to make lives easier ( & improve the ranking in EoDB ranking :

1. Scraps MAT & AMT ( While allowing carry forward and set off of accumulated credits) IMMEDIATELY

2. Announce what's the guiding philosophy behind Direct taxation. Whether it's bland Socialistic or Liberal. If liberal, then there should be a constitutional cap on maximum amount that can be levied through this route. Say 25%. The constitutional amendment should be done with the haste as it was shown while abrogating article 370. The amendments should be made, if not within 7 days flat then within a maximum period of 1 Year.

3. Announce an Income Tax Act, for individuals, which would be cast on stone ( wouldn't be changed for years) within 100 pages, with maximum of 100 sections and 10 schedules, within next 100 days. The income Tax rates should be given in this Act and shouldn't be touched for ages.

4. Announce another set of Income Tax laws ( within a broader Direct Tax Code) within 300 pages with ample provisions for presumptive tax alternatives for SMEs within 1 Year. For SMEs also income Tax rates should be given in the Act and shouldn't be touched for ages.

5. There's no gainsay in IRS officers deciding about ICDS (Accounting standards). The proposed Direct Tax Code ( which in any way is in the cold store now) should scrap this anomaly and leave the making of Accounting standards to ICAI ( Institute of Chartered Accountants of India). Now we all live in a global village. Hence; now, even ICAI also doesn't make the standards unilaterally. All the IND ASs ( (Indian Accounting Standards) are very much applicable all over the world in the name of IFRSs & IASs (International Accounting standards) with little changes here and there ( known as carve outs).