The new Direct Taxes Code has been loaded with tax concessions benefiting persons with high income, the Tamil Nadu Chamber of Commerce and Industry, has said. Submitting the views of the Chamber at an interaction meeting with the trade and industry representatives convened by the Union Finance Minister, Mr Pranab Mukherjee, and the Minister of State for Finance, Mr S.S. Palanimanickam, on the new Direct Taxes Code, held at New Delhi recently, the Chamber President, Mr V. Neethi Mohan, and the Secretary Mr N. Jagatheesan, called for the inclusion of the interest of small traders and industries and urged for the incorporation of necessary changes along with other changes before its implementation.

They pointed out that the minimum alternate tax based on gross assets would adversely affect many companies across sectors and the tax payable at two per cent was above the international rates. Even the loss-making companies would need to pay the tax and further would tantamount to double taxation in certain cases going by records in the books.

SUGGESTIONS

Points submitted by the Chamber, among others, include tax rates for firms and LLPs, taxation of retirement benefits, housing loan interest for self-occupied persons, reopening of cases for assessment, silence on the requirement of AIR/PAN number for investments, tax on foreign companies, Trust and NGOs, increase in the capital gains tax rate, non-exemption to Special Economic Zones and so on.