Parliament Amends Finance Bill

New Delhi: Parliament on May 4, passed the Finance Bill 2007, with the Rajya Sabha approving the Bill via a voice vote. The Lok Sabha had passed the Bill on May 3, after incorporating 37 amendments moved by the Government. The Finance Minister, Mr P. Chidambaram, told the Rajya Sabha on May 4, that he would table the income-tax code during the Monsoon Session. Mr Chidambaram highlighted that investment rate will not have been so high if he was a high tax Finance Minister. High investment came from high savings, which were due to high disposable income of the people. Mr Chidambaram assured the members that he will revisit the Fringe Benefit Tax if effective corporate tax rate moved toward 30 per cent from the current level of 19.26 per cent.