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Ratlam (Madhya Pradesh): A budget mastery session, 'Unlocking the Union Budget', was organised on Saturday by the Ratlam branch of The Institute of Chartered Accountants of India (ICAI) on the Union budget’s proposed provisions for amendments to the Income Tax Act and GST Act.
The chief speakers were CA Anoop Bhatia (Jaipur) on Income Tax and CA Pulkit Khandelwal (Jaipur) on GST. Chief guest of the programme was industrialist Sanjay Kataria.
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Highlighting the provisions of the Finance Bill 2024 proposing amendments to the Income Tax Act, 1961, CA Anoop Bhatia (Jaipur) said that withdrawal of the indexation benefit from the long-term capital gains is not justified and indexation benefit should remain continued in view of the inflation scenario as time is not ripe to withdraw at this juncture. He said that increasing long-term capital gain tax and short-term capital gain is not surprising but the withdrawal of the indexation benefit surprised everyone.
Bhatia also highlighted the proposed amendments to the TDS provisions widening the tax base. He said that it was disappointing that no amendment is proposed to section 43 B(h) of the Income Tax Act pertaining to MSME as demanded.
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However, he welcomed the proposals like TCS credit to the salaried people, rationalisation of some existing provisions, etc. Speaking on the amendments to the GST Act, CA Pulkit Khandelwal (Jaipur) welcomed the proposal towards streamlining and rationalisation of existing provisions and said that these will avoid unnecessary litigations in GST.
He also discussed the amnesty scheme and the new regime for the determination of taxes. He discussed in detail the insertion of section 11 A to the GST Act.
Earlier speaking as chief guest industrialist Sanjay Kataria said that ease of doing business has yielded very good results in the last few years. He said that the scenario prevailing in the country will certainly further boost the infrastructural and economic growth.
He said that people should pay the maximum possible tax for the growth of the country. At the beginning of the programme, chairman of the local branch CA Abhishek Ranka gave the welcome speech. Secretary CA Ankit Barmecha and others welcomed the guests and CA Pranita Jain conducted the programme.
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