Prospective capital gains tax best way forward: Shome

The Parthasarathi Shome led panel has submitted its report on retrospective tax amendments. In an exclusive chat, Shome said the panel feels that prospective capital gains tax is the best way forward. He also added that some safeguards are necessary if the government decides to go for retrospective taxation.

Shome said, "The committee felt that we should mainly have a prospective solution to underlying assets taxation. However, what we have said is that if there is a retrospective taxation, if government does pick retrospective taxation, certainly there has to be some safeguards which we have indicated. There are some litigation cases on how you deal with those and so on. While our first preference is prospective, we take account of the fact that the government may opt retrospective nevertheless. Third, we also consider those cases that are currently under litigation. We have looked at all possibilities."

There are certain areas where these changes can be anticipated and Shome clarified, "We have made some modifications and the recommendations are more amenable in removing inconsistencies, if any. We are also keeping in mind the controversies that had emerged and how we can reach early solutions to the whole issue."

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