A day after the Union Budget 2012 was presented, the proposals have come in for widespread criticism. This was evident in ample measure during an analysis of the Union Budget — 2012, organised by the Bangalore Branch of SIRC of the Institute of Chartered Accountants of India, in Association with Bangalore University.
Senior Supreme Court lawyer S. Ganesh said, “Retrospective amendments to Sections 9 and 195 go as far back as 1962. I am unable to reconcile with the idea of a retrospective amendment. It’s like saying if you did not pay the tax 50 years ago because you were not required to, you will have to pay it now, with a fine and a penalty”, he said amid peals of laughter from the audience. Manipal Global Education Services chairman T.V. Mohandas Pai and chartered accountant H. Padamchand Khincha moderated a panel discussion which included Mr N.G.N. Puranik, MD, Enam Securities Pvt. Ltd. Mumbai, Mr Uday Holla, senior advocate, High Court, Dr Narendar Pani, professor at the National Institute of Advanced Studies, Mr and S.G. Shivshankaran, DGM Finance, Ashok Leyland Limited, Chennai.
Is the global crisis becoming an excuse for under-performance or are we facing political paralysis? Are we dealing with the tyranny of the judiciary?
And the more fundamental question - do you actually believe in the Finance minister’s ambitious aim of a fiscal deficit target of 5.1%, were some of the issues debated.
Mr Holla discussed the tyranny of the judiciary saying, “I agree to some extent, but we’re at some kind of political paralysis, so somebody needs to do something”.
The proposed white paper on black money approach drew a good deal of outrage too. That unexplained cash would be taxed on the spot was just a way of legalising black money, according to the panelists, who strongly felt that it was just a means for politicians to wriggle out of hot water. “Is black money generation so secretive that it needs a white paper”, asked Mr Khincha.