Sunday, March 26, 2023

A brave budget with handsome allocations for farm and health sectors: ICAI Jamshedpur


Mail News Service

Jamshedpur, Feb 2: Executives of the Jamshedpur chapter of Institute of Chartered Accountants of India (ICAI) expressed their reactions to the Budget –’21 proposals presented in Parliament on Monday. President CA Sanjay Goyal said that handsome allocations had been made for the farm and health sectors. Terming the budget as bold, brave and progressive, Goyal said, “Now companies with a capital investment of Rs 2 crore and turnover of Rs 20 crore will be considered as small industries.”

ICAI branch secretary Sugam Saraiwala said that senior citizens above 75 years of age could now breathe easy as they would not have to file IT Returns on their pensions and interest incomes. He stated further, “The budget has stipulated that employers would receive tax benefits on employees’ PF contributions provided they were deposited on stipulated time. Moreover, tax audit will not be necessitated for Rs 10 crore (previously Rs 5 crore) provided 95 percent of total transaction is done digitally.” Saraiwala appreciated that insurance on bank deposits had been raised from Rs One lakh to Rs Five lakh.  Saraiwala observed, “Positive proposals have been made to provide relief to industries in the MSME sectors. The reduction of customs duty on iron and steel, gold and silver will ensure a downtrend in their prices.”

The ICAI officials stated that in the GST zone, the scenario provided was rosy as interest will be applicable on Net Tax Liability in lieu of the prevailing calculation based on Gross Tax Liability. They opined that the budget projected the government’s stress on capital expenditure to ensure GDP growth and indirect taxes on goods and services through technology. They said the process would entail the norm of ‘minimum government and maximum governance.’ This system, they stated would be beneficial for tax payers.

Other Chartered Accountants present at the press meet included Vikas Agrawal, Siddharth Khandelwal, Pankaj Shangari, Yogesh Sharma, Vinod Saraiwala and others.

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