A bad day for investors

On Tuesday, April 3, British chancellor of the exchequer George Osborne called for "greater predictability" in Indian tax policies. In 1965, delivering a public lecture on the 'Ideology of Taxation', the late Nani Palkhivala, one of India's foremost tax lawyers, identified five "pernicious failings" of the Indian tax system. The first failing Palkhivala cited bears repetition. Indian tax policies, he said, were marked by "absolute uncertainty: changes in laws and rates of tax that are as unpredictable as they are frequent". So has anything changed between 1965 and 2012? 

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