Chartered Accountants need to understand aspect of budgetary announcements & its impact on business scenario


Patna: 22 February 2022 :: special seminar on Budget -2023 the Chartered accountants of Patna, Bihar chapter gathered, discussed and said, that Our country is gradually becoming large as far as size of economy is concerned. Due to this reason, Union Budget of country is prepared with huge precaution to be able to serve interest of all stake
holders. Chartered Accountants are one such professional, who need to minutely understand every aspect of budgetary announcements and its impact on business scenario. In view of this need, Patna
Branch of ICAI organised a full day seminar covering tax related features of Union Budget- 2023 on 20 February 2023 at Hotel Panache, Patna. In this seminar, Patna Branch invited prominent guests which included Central Council Member- ICAI
CA G. C. Mishra and Regional Council Member CA Abhishak Pandey. On this occasion, both the guests
congratulated members of the Patna Branch for their sense of learning to be able to serve the society in a better manner. They also congratulated and disbursed the felicitation memento to newly qualified CA Members and to fresh entrants into this course after passing Foundation Course.
Both the guests also expressed their gratitude to the very experienced speaker CA Girish Ahuja for sparing valuable time for this seminar and share his insights about the provisions of the budget.
The guest speaker CA Girish Ahuja talked about significant changes related to Direct Tax like –
• TDS on ‘benefit’ or ‘perquisite’ in respect of a business or profession: Section 194R to be
applicable on any benefit or perquisite.
• Updated definition of ‘specified person’ (Section 206AB and Section 206CCA)
• Increase in TCS rate: With effect from July 1, 2023, TCS on sale of overseas tour package to be
increased from 5% to 20% (without any threshold limit)
• Introduction of Joint Commissioner (Appeals) [“JC(A)”]: To reduce the burden and pendency
of cases at CIT(A) level and impact on current cases.
• Payment to Micro and Small enterprises: Payment made to Micro and Small enterprises to be
allowed as deduction under section 43B of the Income-tax Act, 1961 (“Act”) with impact in
cases of pending payments.
• The simplified/new personal tax regime under section 115BAC is proposed to be the ‘Default
tax regime’ and related complications.
Next guest speaker CA Manoj Goyal elaborated on the provisions relating Indirect Tax (GST). The
major changes discussed were pertaining to return filing, Input Tax Credit Claim, Exemption and
Penalty. Further, several retrospective effects discussed regarding provisions of CGST, IGST and SGST.
Participating members also got the opportunity to interact and resolve their queries. Secretary CA Pallavi Jha of Patna Branch of ICAI (CIRC) coordinated the whole program. This seminar
was attended by Vice- Chairman CA Ram Shankar, Treasurer and CICASA Patna Chairman CA Sonu, Executive Member CA Sunil Kumar, Executive Member CA Sujeet and CA Kranti Kumar.

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