Expectations From Budget
Expectations From Budget
Expectations From Budget
EDITORIAL
EXPECTATIONS FROM BUDGET
The Union Budget 2015 is to be
presented by the Finance Minister
on February 28, 2015. The entire
country has major expectations
from the government. The
country needs simpler and
smaller direct tax laws and should
give:
Tax Policy Roadmap -To provide
a stable and reliable tax regime
Non adversarial and conducive tax environment
Incentivise Growth
The following major issues also need to be addressed not
only for large taxpayers but also more importantly for the
common man:
Harassment to tax payer - Negative approach of tax
laws and department
Corruption in tax administration
High pitch assessment - With no responsibility on the
officers. Even High Court/Tribunal Judgements are
ignored
Complex legal provisions
Uncertainty - Anxiety among business class
The governance needs to be people centric and should
ensure maximum governance with minimum government.
A time bound delivery and leveraging technology for
e-governance can bring suitable solutions.The government
may consider following specific suggestions:
CA Vinod Jain*
* Mr. Vinod Jain, FCA, FCS, FICWA, LL.B., DISA (ICA), Chairman, INMACS and Vinod Kumar & Associates. [email protected], [email protected], +91 9811040004
LATEST IN FINANCE
1.0
2.0
4.0
FEBRUARY 2015
3.0
5.0
6.0
Foreign
Exchange
Reserves
now
at
all-time high
INDIRECT TAXATION
1.0
EDITORIAL / BANKING
EDITO
RIAL
Contd........
BANKING
1.0
2.0
3.0
FEBRUARY 2015
3.0
CAPITAL MARKET
1.0
2.0
FEBRUARY 2015
4.0
5.0
3.0
FEMA
1.0
NBFCs
1.0
4.0
2.0
3.0
FEBRUARY 2015
DIRECT TAXATION
DIRECT TAXATION
1.0
3.0
FEBRUARY 2015
5.0
6.0
7.0
INTERNATIONAL TAXATION
1.0
2.0
INSURANCE
1.0
FINANCIAL INDICATORS
Current Rate*
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NIFTY
8565.55
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7.75
CRR (%)
REPO (%)
REVERSE REPO (%)
6.75
27295
26905
25923
28576
37440
36664
35007
43800
Crude (USD/bbl)
56.46
50.305
82.13
105.02
` vs USD
62.1888
62.1605
61.4513
61.14
` vs Euro
70.3728
73.7348
76.6789
81.94
` vs 100 Yen
51.98
52.62
53.86
60.93
` vs RMB
9.9615
10.0097
10.0474
9.9147
` vs Pound
94.4136
94.2788
97.7567
102.57
114.15
110.55
125.4
124.2
353.5
378.9
412
430
FEBRUARY 2015
BANK AUDIT-Government
ION
OPIN
All India Chartered Accountant Society very strongly
opposes delegation of powers to appoint Central Statutory
Auditors and Branch Auditors of public sector banks by
the Board of Directors of the Bank.
The banking sector has recently witnessed major
allegation of corruption and substantial rise in NonPerforming Assets i.e. a larger number of loans are
becoming bad or doubtful of recovery.
The decision of the RBI to not to audit branches with
advances less than ` 20 crores on a regular basis is also
very serious. This may promote manipulation and frauds
in the intervening 5 Years.
The concurrent audits' scope, coverage and reporting
Contact details : Dharampal (9013363257) All India Chartered Accountants Society - CFO World 909, Chiranjiv Tower, 43, Nehru Place,
New Delhi-110019. Ph: 26223712, 26228410, 26226933 E-mail:[email protected] / [email protected] EDITOR: Pankaj Gupta, LLB, FCS
E-mail: [email protected] PUBLISHED & PRINTED: At New Delhi by Satish Chandra, Administrative Officer, on behalf of All India Chartered
Accountants Society, 4696, Brij Bhawan, 21A, Ansari Road, Darya Ganj, New Delhi-110 002 Phone 23265320, 23288101 E-mail : [email protected]
Printed at: EIH Ltd., Unit : Printing Press, No. 7, Sham Nath Marg, Delhi-110054. Views expressed by contributors are their own and the Society does not accept
any responsibility.