Ratlam (Madhya Pradesh): The Union Budget presented by Union Finance Minister Nirmala Sitharaman on Tuesday has received mixed reactions here from the experts. Some experts here termed the Budget as growth oriented that will serve future needs of the country while some maintained that after Covid-19 effect on economy, more short-term and long-term measures should have been adopted to further streamline the economy to achieve goal of making India a five trillion dollar economy.
Positive effect
Chartered accountant Jitendra Kaswa said that Union Budget would have far reaching positive effect on the growth. He said provision of capital expenditure has been increased substantially, which will add to self-reliance and lead to reduction of imports. He said that housing sector would get a boost under PM Awas Yojana under which 80 lakh houses are to come up for which provision of Rs 48,000 crore has been made in the Union Budget.
Will reduce litigations
While welcoming some of the amendments in Income Tax Act, 1961, senior tax consultant Ashok Bhandari said income tax return can now be revised for omission and mistakes till two- year period from the end of assessment year, which will reduce tax-related litigations. However, he opined that the income tax slab for individual and HUF should have been revised so as to make them more practical . He said that middle class community was awaiting relief in income tax, which is lacking in Union budget.
GDP to grow
Senior chartered accountant Vijay Somani welcomed the continuation of policy of Union government not to bring many amendments in Income Tax Act, 1961. He said that Indian economy was at present at a juncture where it needed boost in capital expenditure, which has been very well reflected in Budget. He said GDP growth in coming years will increase and so will the income of people.
Welcome steps
Chartered accontant Navin Pokharna said Union Finance Minister has taken the right decision in not affecting present slab rates of income tax. He said that some of the proposals like making amendments in Income Tax Act, 1961, rationalisation of Section 194IA, 15% surcharge cap on the long term capital gains are welcome steps.
Infrastructure boost
Tax consultant and treasurer Kar Salahkar Parishad Anil Jain said that Union Budget would boost infrastructure growth and investment. Corporate and cooperative sectors have been given relief under the income tax, which is very timely. With respect to GST, Jain demanded that non-GST goods like petroleum products should also be brought under purview of GST and option for the revised return in GST should also be got enacted.
No new burden on investor
An investor and Mutual Fund distributor Rajesh Gurbani said country is all set to witness growth of stock market and mutual fund sector as Union Finance Minister has not brought any new burden on the investor. He said that investor base of stock market and Mutual Funds will expand in the country. Gurbani welcome the step of Union Finance Minister in the direction of digital currency, which he termed as need of countryís currency market. Taxing crypto currency income at the highest rate of taxation is also welcome step, opined Gurbani.
