Published On : Thu, Mar 5th, 2015

Take inputs from CAs while making good budget for NMC: Mayor

Mayor Pravin Datke inaugurating the seminar. MLA Sudhakar Dehmukh, Chairperson Kirti Agrawal and other office-bearers of ICAI look on

Take inputs from Chartered Accountants while making a good budget for NMC said Mayor of Nagpur Municipal Corporation Pravin Datke while speaking as the Chief Guest at Seminar on Finance Bill- 2015 organized by Nagpur Branch of WIRC of ICAI.

He said CAs play a crucial role in development of society and nation and on request of the Chairperson of Nagpur Branch CA Kirti Agrawal for making available the existing infrastructure for library and reading room facility for CA students, he gave an assurance that out of round 80 schools with infrastructure, any premises can be used for the said purpose. Speaking on the occasion he also said that in recent budget there are no false promises there is everything for everyone, he opined.

Guest of Honour MLA Sudhakar Deshmukh in his speech congratulates the entire newly elected Managing Committee of Nagpur Branch of ICAI for the year 2015-16. He emphasized that CA’s play a role in scrutinizing the budget and helping it present to people in a lucid and informative form. After a long time we have a balanced budget which will give long term relief. Good amount is allocated for rural development, Road, Defense & almost every important sector. In the recent coal block allotments huge amount is collected by Central Government unlike of the previous Govt. this collection will be given to the state in which such coal blocks are situated. This will lead to balanced development in the country.

Earlier Chairperson of Nagpur Branch of ICAI, CA. Kirti Agrawal, welcomed all the members present and said that this year we will be moving ahead with the Theme Potential unlimited. Each one of us has unlimited Potential, Potential to do what our predecessors did and follow their footstep, Potential to explore avenues for self, Potential to think beyond ordinary.

She further said that, recently Prime Minister has nominated, the only professional body, till date for the mission Swachh Bharat Abhiyaan and these make us feel proud again as partner in nation building. And this mission continued in the Budget Proposal 2015 also, as 2% cess towards Swachha Bharat Abhiyaan have been introduced, and at the same time 100% deduction have been allowed for contributing towards the mission Swachhata.

RCM CA. Julfesh Shah in his motivational speech said that Union Budget 2015 can be termed to be pragmatic & inclusive budget giving stress on policies with a long term perspective. Announcement of reduction in corporate taxes to 25% over the next four years will put the Indian Industry at par to compete with the other countries. The higher fiscal deficit was on the cards because the government has been making space for public investment & it will be a good test to watch whether fiscal stimulus work or not. Rationalization of wealth tax, intensives by way of more expenditure towards infrastructure of SARFASI laws is huge relief for the purpose of recovery. GAAR deferral is a big positive move & will bring fresh inflows & more importantly, they have clarified when GAAR comes into force, it will not be retrospective which clears big uncertainty for investors, he added.

He further said that having no distinction between FDI & Foreign Portfolio Investment would provide more confidence to portfolio investors & both investments would be treated same in the eyes of govt. & regulators. The announcement that the much awaited GST will be introduced on 1st April 2016 will definitely rejuvenate the industry. However Finance Minister was silent on the introduction of DTC. Increase in Domestic Transfer Pricing limit from 5 crores to 20 crores will reduce the litigation to an extent. The Government Intends to tighten its noose on Black Money holders & tax evaders by announcing stringent penalties including rigorous imprisonment which will discourage such transactions.

In technical sessions CA. Kapil Goel from Delhi deliberated on Direct Tax proposals, Latest Important Judicial Pronouncements and Case Laws and CA. Brijesh Verma, Agra deliberated on Indirect Tax Proposals

Vice-Chairman CA Swapnil Ghate, Treasurer CA Umang Agrawal and CA Ashwini Agrawal Co-ordinated the inaugural programme and technical sessions. Secretary CA Sandeep Jotwani proposed a formal vote of thanks.

Prominently present on the occasion were CA P C Sarda, CA Raju Naidu, CA Kapil Bahri, CA Kunal Ekbote, CA Aparna Shankaran, CA Sneha Modani and 250 Chartered Accountants