Kolkata, 24th July 2024: Indian Chamber of Commerce (ICC) conducted a Union Budget 2024-25 Analysis Session, to discuss and interpret the recently tabled union budget’s impact on amendments in direct and indirect taxes and industry perspectives on The Finance (No. 2) Bill, 2024. The session witnessed valuable insights from Mr. Aditya Hans, Partner, Dhruva Advisors LLP; Mr. Ruturaj Bhide, Principal, Dhruva Advisors LLP; Mr. Vishal Jain, Principal, Dhruva Advisors LLP; Mr. Paras Sheth, Principal, Dhruva Advisors LLP; and Mr. Pallav Gupta, Chairman of the Expert Committee on Taxation, ICC.
“Artificial Intelligence (AI) and Gig economy are now a priority for the Government,” said Mr. Aditya Hans, Partner, Dhruva Advisors LLP. “AI & gig economy if not grabbed properly may become job takers and if addressed properly can revolutionise the economy,” Mr Hans said while addressing the Post Budget Analysis 2024 organised by Indian Chamber of Commerce. On the whole he felt, “The budget focused on agriculture, employment and skilled development, social services.” Mr. Hans also said, “The Budget allocated Rs 13.6 lakh crore for capital expenditure through Central and State Governments.” With regards to the finance bill, Mr Hans said, “It emphasised more on rate rationalisation and revamping of capital gains.”
Clarifying on the buyback provision of shares, Mr. Paras Sheth, Principal, Dhruva Advisors LLP said, “Any amount paid out as proceeds to the shareholder will be calculated as dividend and the amount paid out for acquiring those shares will be considered as loss and can be settled at a later date.”
Mr. Vishal Jain, Principal, Dhruva Advisors LLP claimed, “With the increase in standard deduction and revising of slab under new tax regime, the Government is pushing to the newer regime and also the new pension system (NPS).”
Mr. Ruturaj Bhide, Principal, Dhruva Advisors LLP said, “The rationalization of customs duty will provide impetus to domestic manufacturing and green energy.”
Mr. Pallav Gupta, Chairman of the Expert Committee on Taxation, ICC expressed, “There is much expectation from the new Tax Commission to be set up for simplification of the Income Tax impacts.”