ICAI discusses fine print of Budget

Source: The Hitavada      Date: 02 Feb 2018 10:00:47


Business Bureau,

Institute of Chartered Accountants of India Nagpur Branch has organized program ‘Immediate Reaction on Union Budget,’ wherein expert Chartered Accountants from the city expressed their reactions and shared their reading between the lines on the said Budget.

Direct taxes proposals: While expressing his views on the direct taxes proposals, CA Kapil Bahri said, in economical turbulent times FM has done a commendable job by presenting a Budget away from populist announcements. “Budget is a feel good one with several positive and bold steps,” he said. FM has given due attention to the needs of senior citizens and salaried class who form a major part of taxpayer base. He also thanked the Minister for ensuring the no retrospective amendments have been done through the Budget. He also shed light on long-term Capital Gain Tax on equity and MF and the intricacies involved therein.

Direct tax proposals: CA Anand Dhokha said that since the roll out of GST, no major changes were expected in indirect tax regime and the FM has rightly not disturbed the same. He however was pleased to see a balanced and well thought of Budget.

Capital market: CA Ranjit Dani said that understanding capital market is difficult however with no major disruption is a good indication of a thoughtful formulation of the Budget. He however expressed his concern over the current market returns are far away from the reality and hence corrections in the equity and debt market is expected in near future.

Trade and industry: CA Suresh Rathi said that the GDP growth for a developing economy like India should be aimed at 8% thereby giving impetus to the Industries to venture in new areas with greater economic viability in long run.
CA Jaydeep Shah, Past President of ICAI said, the Government has taken care of all sectors and has not given any populist schemes leading to additional burden on the Govt.

Earlier Vice Chairman CA Umang Agrawal in his welcome said, Budget proposals are majorly aimed towards progressive developing economy with a major focus on social security for the New India. CA Samir Bakre and CA Milind Patel, Past Chairmen Nagpur Branch co-ordinated the programme and said that in overall perspective of the economy the FM has given what was expected from the budget.
CA Suren Duragkar, Secretary of Nagpur Branch presented the formal vote of thanks.