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Direct Taxes Code 2
May, 31st 2010

Why is the government constrained to bring the second draft of the Direct Taxes Code?

Nand Kishore Tripati, Allahabad

Because the first one introduced a year ago while pleasing the middle class left the corporates unhappy, especially with a reduction in tax rate that did not go the whole hog to compensate for the withdrawal of tax incentives.

And to rub salt to injury, the DTC also seeks to impose a mindless minimum tax based on the size of assets of a company that has no direct correlation with profits except tangentially when one takes assets turnover norms as sacrosanct.

Even the middle class wasn't entirely happy what with the proposed EET regime for retiral benefits threatening to eat away savings during the twilight years of one's career when they are most needed, untruncated. In short, the government has shown remarkable receptivity and sensitivity to practical and real problems in agreeing to bring a second draft instead of shoving down an unpleasant law down the throats of its citizens. It should be welcomed and not taken as pusillanimity on its part.

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