Once upon a time per capita GDP of India was higher than China. Now GDP per capita of India is one-fourth of China's GDP per capita

Indian taxation philosophy is primarily driven by the assurance and ease of tax collection. Collecting taxes from certain items (beasts of burden) is very easy for tax collectors and these items assure full tax compliance. 

The season of tax-saving has started, those who planned in advance are already investing in tax saving mutual funds. For those who are still waiting and have not identified funds, this article is for them.