Synopsis In modern times, annual budget is not merely a statement of account of the operations of the Government but it is also an account of the policies which the Government in power wishes to pursue in future. In the present volume, the authors have made a critical appraisal of the reforms introduced through the Union Budgets in the system of direct taxation in India during the past decade and have tried to assess the extent to which these changes have been based on rational economic considerations. In addition, suggestions have been put forward at relevant places to make India's direct tax structure (especially income tax) more efficient and equitious.