VIA Taxation & Corporate Law Forum organized a discussion on “Union Budget 2018 – Analysis of Direct Tax Provisions” by CA Rajesh Loya spoke on the Union Budget proposals / changes in the budget presented by Union Finance Minister on 1st Feb 2018. The focused on the changes in the Direct Tax law and its effect on the Industries mainly focused on the industries in Vidarbha.
CA Rajesh Loya elaborated the various clauses of the finance bill on the direct taxes. He elaborate the tax implications on shares transactions in different situations as a result of proposed 10% tax rate on the LTCG of shares transactions. He discussed in length the benefit and tax implications on the introduction of standard deductions vis-a-vis withdrawals of deduction towards transport allowance and medical reimbursement expenses for the salaried taxpayers. He wholeheartedly welcome the reduction in corporate tax rate to 25% from existing rate of 30% and about the availability of additional funds at the disposal of the company for expansion and modifications. He compared the amendment proposed in this year union budget vis-a-vis earlier years budget. The changes brought in the statute book to have smooth & proper implementation of Insolvency & bankruptcy code were also discussed in length. He also elaborated the provision related to cash transactions and also regarding widening of the tax base.
CA Anil Parakh welcomed the guest by offering the floral bouquet.
CA O.S. Bagadia expressed concern over the imposition of tax rate of 10% on the long term capital gain on sale of shares 10%.
CA Ashok Chandak has appealed the audience to give their feedback/suggestions. It will be considered for forwarding the post budget memorandum, he assured the gathering. He expressed his concern over the negative sentiments due to imposition of LTCG tax on shares.
CA Sachin Jajodiya conducted the proceeding whereas CA Naresh Jakhotia gave concluding remarks and vote of Thanks.
Prominently presence were CA Jethalal Rukhiyana, CA Satish Sarda, Shabbir Bohra, Atul Khemka, Hemal Kothari, M.G. Jawanjar, Rajesh Kabra, Govind Batra, Chandan Patel and lot many others industries.