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Govt presents progressive, growth-oriented Budget 2014: ICAI

July, 14th 2014
Describing the Budget proposals as progressive and growth oriented, the apex body of chartered accountants ICAI has said announcement on retrospective amendments would help in facilitating a healthy investment climate in the country. The Institute of Chartered Accountants of India (ICAI) also said that Finance Minister Arun Jaitley has introduced sweeping reforms for a stable tax regime. "Announcement regarding retrospective amendments would facilitate a healthy investment climate in India," ICAI said in a statement today. In his maiden Budget speech, Jaitley said the government has decided that "all fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfers and coming to the notice of the assessing officers will be scrutinised by a high level committee". The committee, to be set up by CBDT, would look into such cases before initiating any action. With regard to personal taxation, the institute said its suggestions have been considered favourably by the government. These include raising I-T exemption limit to Rs 2.5 lakh, additional interest deduction of Rs 50,000 in respect of self-occupied property and hike in investment limit under section 80C from Rs 1 lakh to Rs 1.50 lakh. "An individual tax payer in the highest tax bracket would be able to save Rs 36,050 on account of the above proposals," the statement said. The Institute of Companies Secretaries of India (ICSI) said the Budget proposals are conducive for growth. These proposals would go a long way in providing desired impetus to the areas like power, banking, agriculture, defence and infrastructure. "Budget has also proposed measures to energise capital markets and to bring legislative reforms in the financial sector. "The assurance of completion of consultation process on enactment of Indian Financial Code, formulation of modern monetary policy, convergence with IFRS by adoption of new Indian Accounting Standards is acknowledged as a step towards better financial management and governance," ICSI President R Sridharan said in a statement.