Taxpayers disappointed

Mar 17, 2012 - K. Sujatha |

chennai

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Union budget 2012

17BUDGET-SESSION-FICCI-AT-R.jpg.crop_display.jpg

The Union budget evoked mixed reactions from the taxmen, revenue officials and the bankers at a Federation of Indian Chambers of Commerce and Industry (FICCI) meeting held in Chennai on Friday.

While chartered accountants termed it a disappointment for small taxpayers, bankers are overwhelmed with the growth in financial inclusion.

The overall mood is inquisitive, as the industry wants to know about services included in the negative list of service tax as the finance minister has moved from a selective approach to a comprehensive approach. “The personal taxation limit fixed at Rs 2 lakh will not benefit small taxpayers.

This budget would directly affect standard of living of common man,” said G. Sekar, a chartered accountant.

Moving of women assessee into the individual category and 30 per cent tax slab of Rs 8 lakh increased to Rs 10 lakh are the only two highlights in the direct tax proposal for individuals.

M. S. Sundara Rajan, former CMD, Indian Bank, said the budget would augment the healthy growth of banking industry.

Former revenue secretary M.R. Sivaraman, IAS, said the FM has lost an opportunity to introduce a tax merging excise duty and service tax into one.

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