Jamshedpur: Piyush Kumar Choudhary, Advocate & Tax Practitioner, said that the announcement of seven high-speed rail corridors to give fresh momentum to national connectivity is a historic step that will play a significant role in logistics, trade, and employment generation. The decision to promote municipal bonds to strengthen urban infrastructure is also commendable.
Keeping in mind the development of Eastern India, the establishment of a National Institute of Design (NID) and the announcement of a Mental Health Hospital in Ranchi reflect the government’s sensitivity towards regional balance and social well-being.
In the area of tax reforms, the announcement to implement the New Income Tax Code from 1st April has been welcomed. The code has been redesigned with a focus on simplicity and transparency.
The decision to exempt motor accident compensation claims from TDS will provide swift relief to victims, while the disclosure scheme for foreign income is expected to encourage better tax compliance.
Reforms related to income tax appeals have been termed taxpayer-friendly. Allowing the filing of revised returns during the pendency of appeals is a positive step. The decision to decriminalise tax offences is also welcome, as it will strengthen trust between taxpayers and tax authorities. Additionally, the announcement of tax holidays for cloud service providers and data centres could prove to be a game changer in making India a global digital hub in the current international scenario.
