Mail News Service
Jamshedpur: Singhbhum Chamber of Commerce and Industry organized a one-day post-budget seminar in memory of Late Dinesh Chaudhary, former Vice President of the Chamber, on March 8, 2025, at the Chamber Bhawan. The seminar featured expert lectures by Ramesh Kumar Patodia, an advocate and chartered accountant from Kolkata, who shared his insights on the Union Budget 2025 and its impact on business and enterprise.
President Vijay Anand Moonka welcomed the attendees and emphasized that it has been a tradition of the Chamber to hold a post-budget seminar every year after the Union Budget is presented by the central government. This seminar helps members understand how the budget will affect businesses. Vice President Rajiv Agarwal introduced the guest speaker, Ramesh Kumar Patodia, who then began the first session focusing on Direct Tax/Income Tax. Patodia explained key provisions, including an increase in the income tax exemption limit to Rs 12 lakh, allowing tax-free monthly income up to Rs 1 lakh. He also discussed a new deduction under section 80CCD for opening NPS accounts for minor children, an extended 48-month time limit for filing updated returns and exemptions like TCS on educational remittance made through a loan. He also mentioned changes in loss set-off provisions for merging companies and tax-free withdrawals from the National Savings Scheme after August 29, 2024.
In the second session, Patodia discussed updates in Indirect Tax/GST, highlighting changes in sections of the CGST Act. These included a clarification that Section 17(5)(d) applies to “plant and machinery” rather than “plant or machinery,” based on a Supreme Court ruling. He also explained amendments that now require a pre-deposit for appeals related to penalties and that the reversal of output GST will not be required until the input tax credit is reversed.
Honorary General Secretary Manav Kedia also shared updates regarding religious/charitable trust registration, stating that if the trust’s income is less than Rs 5 crore over the past two years, registration renewal will now be valid for 10 years, instead of 5 years. Vice President Rajeev Agarwal highlighted the updated TCS limit and an increase in the TDS limit on bank interest for senior citizens from Rs 50,000 to Rs 1 lakh. Secretary Anshul Ringsia mentioned the abolition of sections 206AB and 206CCA, which previously applied higher TDS/TCS rates for individuals not filing tax returns. Treasurer CA Anil Ringsia pointed out that the tax exemption period for start-ups and enterprises in IFSC has been extended.
The seminar concluded with a Q&A session where entrepreneurs presented their queries, which were addressed by the experts. The seminar provided valuable insights into the Union Budget 2025 and its implications for local businesses.
