The Gazette of India Delhi Saturday April 5 1919

observe :— (i) that he hoped that as the result of measures taken the industry would be firmly established in the United Provinces before the end of the war and (ii) that the general question of the policy regarding steps to be taken to encourage the establishment of the industry in India must await the report of the Indian Industrial Commission ? * Vide Appendix A. VI A2"802 THE GAZETTE OF IND [...] The Bill originally provided that that period should be the business year of the company or firm up to the end of March 1919 or to such other date in the course of the last twelve months as was the end of the company's usual business year. [...] If the accounts of a business are not closed in the ordinary course of that business at the end of March the business in question will have the option of taking its ordinary account year and of adding to that the whole of the transactions between the end of the account year and the end of the current month i.e. [...] " The next cardinal feature in the Bill is the determination of the standard period that is the period the profits of which are taken in comparison with the profits of to-day. [...] Now that the excess profits tax is being imposed the only excuse for the extension of the super-tax to the incomes of firms and companies is gone and it seems to me that the proper the logical and the just course to take is to remove the super-tax from the incomes of firms and companies and confine it to its proper sphere of individual incomes.