THE Covid-19 virus is turning out to be more lethal than dozens of Hydrogen Bombs. Leave aside for a while human tragedy reflected in the death of a few million & health issues faced by countless survivors. Think of pandemic-linked economic destruction including steep rise in unemployment and poverty.

Worry

ALTHOUGH the current Income Tax Act that we have in India is a complicated legislation, ITA 1961 framed with inputs from luminaries like Nani Palkhivala, is primarily based on the Indian Income Tax Act, 1922.

Under the Raj, the governing Act was the Income Tax Act, 1922 that was amended from time to