recently, the prime minister of malaysia, mr mathahir had declared year 1999 as tax-free with no corporate tax & income tax for a period of one year, resulting in increased spending and consumption the income tax (amendment) bill is, therefore, intended to have widespread and exhaustive (both intensive and extensive) debate on every aspect narrated earlier to create a better conducive environment, the bill provides for the income tax act, 1961 to remain in animated suspension for the next two years, let us concentrate to clear whatever is pending there will be no additions we shall be able to stee: clear through the meaningful debate in this period after two years, we start on a clean slate empowered by the conclusions drawn from the debate in every quarter the loss of revenue caused by suspension of income tax act, 1961 can be recovered by proportionate increase in indirect taxes on selective basis let there be no direct tax for the next two years and let the black money flow freely in the country for the next two years which would lead to increased spending and consumption during which we can chalk out a simplified and admissible tax structure for the people of this country new delhi; prakash paranjpe august 25, 2000  president's recommendation under articles 117 and 274 the constitution of india[copy of letter no 149/294/2000-tpl, dated 22 november, 2000 addressed to the secretary-general, lok sabha by shri yashwant sinha, minister of finance] the president, having been informed of the subject matter of the income-tax (amendment) bill, 2000 (amendment of section i, etc) by shri prakash paranjpe, mp, has recommended under articles 117(1) and 274(1) of the constitution, the introduction of the proposed bill in lok sabha annexure extract from the income tax act, 1961(43 of 1961)      1 (/) this act may be called the income tax act, 1961 (2) it extends to the whole of india short title, extent and commencement (3) save as otherwise provided in this act, it shall come into force on the ist day of april, 1962    act to have 294 if on the ist day of april in any assessment year provision has not yet been made by a central act for the charging of income-tax for that assessment year, this act shall nevertheless have effect until such provision is so made as if the provision in force in effect pending legislative provision for charge of taxthe preceding assessment year or the provision proposed in the bill then before parliament, whichever is more favourable to the assessee, were actually in force   