Bhubaneswar, July 13 : Speakers and experts at a special session on analysis of the Union Budget 2019-20 organized by FICCI Odisha State Council here on Thursday, viewed that genuine tax planning is most vital for the tax payers of India. For better management of finance, every tax payer today should do advance tax planning and remain updated with new policy guidelines.
Addressing the budget analysis session, Principal Chief Commissioner, Income Tax, Pranab Kumar Das said, evading tax is going to be treated as a serious offence and the already prescribed legal proceedings are going to be strictly adhered. The centralized income tax monitoring system has been further improvised and made more stringent to detect tax evasion as well as initiate quick punitive action.
Referring to the direct and indirect tax components mentioned in the union budget recently presented by the Finance Minister in Parliament, Das said, “ any budget wants revenue and the major source is income tax. Focus has been made in the budget to expose huge black money, which would tremendously contribute to the revenue.”
Well known finance analyst AK Sabat viewed that the government should think of certain incentives for genuine tax payers in order to encourage the culture of tax paying and timely filing of returns. This would help strengthen the economy and help the process of nation building.
Among others, FICCI Energy Panel Chairman Ashok Behera, experts from PWC Saurabh Kedia and Gopal Agarwal deliberated on various aspects of the union budget.
A panel discussion on the theme “Possible Implications of the Union Budget on Trade and Industry” was held which was participated and moderated by senior finance journalist .Dilip Bisoi. The director of Mechem Industries Pvt. Ltd. and Chairman of FICCI MSME Committee (Odisha) JK Rath and director of B-One Business House Pvt. Ltd and former DG of UCCI Rajen Padhi were the other panelists to throw light on important aspects of the budget implications.