Agenda for Tax Base Reform-Further Comment

January 22, 1972 Agenda for Tax Base Reform Further Comment N J Jhaveri IN his reply (October 16, 1971) to my comment (July 17, 1671) on his article (May 15, 1971), I S Gulati suggests that his "guess" Is "quite food" whereas mine is a "bad estimate". While criticising my observations regarding initial exemption from income-tax, he declares "Jhaveri could not be more wrong" etc. My re-examination of Guild's estimate, however, reveals that the fallacy in Gulati's conclusions arises mainly because he overlooks (I cannot believe that he is unaware of) certain basic procedural steps in computing tax saving and tax liability.