Editorial
 

Wish you all a prosperous financial year. After bringing out the last issue on the Finance Bill the Chamber has not left the things at that. The Law and Representation Committee has made a detailed post budget representation to the Hon’ble Finance Minister. If the various suggestions made in the same are considered in proper perspective by the concerned authorities the unnecessary litigation which may be generated out of the proposed amendments can be avoided.

Though I am not pessimistic, my experience doesn’t offer me any hope.

The Sixth Central Pay Commission has submitted its report. The Sixth Pay Commission was appointed after gap of twelve years. The gap of twelve years was very crucial as during this period the Indian Economy has transformed into a booming economy from a sluggish economy. The Sixth Pay Commission was appointed, in the backdrop of changing economic scenario as well as the heat of increasing salary packages in private sector especially in the I.T. Industry was felt by the Government in the defence and other core departments. The initial euphoric response to the Pay Commission has slowly receded and in certain cases the people have started expressing disappointment with the outcome of the Commission’s report. The views expressed on the Commission’s report are not balanced. Any recommendation of increase in the salary or perquisite has to accompany with a system which makes the employees accountable for their actions to the citizens of this country. The Government, to justify the increase in the salaries of its employees, has to demonstrate that it has improved the efficiency level of governance. The Comptroller and Auditor General of India has pointed out several loopholes in the official machinery which is responsible for delivering the welfare schemes to the people who are deprived of the basic needs to survive. The comparison of salary packages with private sector should be done in a wholesale manner. In private sector the accountability towards delivering the goods is on the individual employee. This is an important factor in assessing the overall performance of an employee. The accountability factor is completely missing in the public sector and government jobs. Thus, the Government is answerable to the public before putting further burden on the tax-payer on account of the increased salaries of the Government employees.

In this issue we have tried to cover all the aspects of set off and carry forward of losses. I believe this issue will come in handy in the month of June to October when all the professionals shall be finalizing the Income Tax returns.

I sincerely thank all the authors for contributing to this issue.