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Businesses that gain from existing tax laws objecting to new code, says Chidambaram

New Delhi: Union Home Minister P Chidambaram, the prime author of the new direct tax code, has said the industry is making a mistake by comparing the proposed tax code with the existing income-tax law which has undergone thousands of amendments in recent years and is full of ambiguities. Chidambaram, who   ....Read more

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Chidambaram's personal By: SC Aggarwal | Thursday , 12 Nov '09 16:56:40 PM Reply | Forward How do you calculate effective rate of tax in the cases of companies say infrastructure companies or companies situated in SEZ? What is the effective rate of tax in their cases? Taxing savings or accumulation of PF or LIC etc in the case of individuals at the time of withdrawals may be good according to P.Chidambaram? Will this Code be effective by not taxing the other income of companies separately? How do you say that the present Direct Tax Code Bill 2009 will check diversion of funds and funds of the companies will be utilised for the core business of the companies? Why you remain silent when promotors were selling their stake in the parent company at a huge premium while the market fell after collecting the huge premium? Why did not you make a proposal of taxing the short term capital gains or long term capital on sale of shares? What prevented you to levy wealth-tax on the market value of shareholdings in the cases of individuals and of companies in other companies?
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