A case for clarity in some major tax rules

The interim Budget is behind us. As expected, the finance minister didn't tweak any tax or tax-related laws, barring an excise duty cut for some sectors. All eyes will be on the full Union Budget, to be presented after the elections by the new government. Khaitan & Co, in a report, said the key issues plaguing the tax laws must be resolved when the full Budget is tabled in July. "Simplicity, fairness and clarity in tax laws is essential if India is to achieve its true economic potential," the law firm said in a newsletter. A look at five securities market-related tax issues where the market seeks clarity from the next government, as highlighted by Khaitan & Co: