Miscellaneous - This Day That Age   

dated September 7, 1957: Wealth Tax Bill

With its return by the Rajya Sabha to the other House of Parliament on September 5, the Wealth Tax Bill, one of the most controversial legislative measures aimed at rationalising the country’s tax structure, now awaits the President’s assent to become the law of the land. India is the sixth country in the world to try this tax, which, in the words of the Finance Minister, Mr. T.T. Krishnamachari, “will compel people not to keep wealth idle but make it productive and thus it will help and not hinder investment.” The other countries are Sweden, Norway, Denmark, the Netherlands and West Germany.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Cartoonscape
The Hindu Crossword 9012
Solution to Puzzle 9011
Quest for sacred wisdom
dated September 7, 1957: Wealth Tax Bill
dated September 7, 1957: Crusade against cancer
dated September 7, 1957: UN membership for Malaya
dated September 7, 1957: Dr. Radhakrishnan is 69
Weather

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu