The Forum of Free Enterprise was a non-political organization founded in 1956 by A.D Shroff and was established to educate public opinion in India on free enterprise and a democratic way of life. The Forum published booklets to further its objects. The following booklet titled, “New company tax scheme hits shareholders,” was published in 1960 and authored by Prof. R.J.Taraporevala. The professor emphasized the rationalizing of the scheme of company taxation as one of the important changes in the then Indian fiscal structure. The author contrasted the differences between taxes under the old system and the new system, especially under new company taxation schemes. The professor criticized the new system under company taxation as making shareholders lose the benefit of grossing of dividends that were incurred through payment out of past profits or reserves. The author lastly focused on highlighting the improvement of the scheme of company taxation and further simplifying it through the purview of the then Finance Minister.