On an insightful journey into the Union Budget 2024, I had the privilege of attending the Sansad Dhavani-2024 event. This curated session was a remarkable platform to dissect and understand the budget with the esteemed Tejasvi Surya leading the discourse on “A Budget for Viksit Bharat.”
Tejasvi Surya provided an in-depth analysis of the budget, touching upon critical areas such as direct taxation, education, upskilling, job creation, MSMEs, and the abolishment of the angel tax. He outlined how the budget aims to simplify direct taxation, making it more taxpayer-friendly and equitable. Emphasis on education and upskilling was evident, with significant allocations aimed at improving educational infrastructure and providing skill development programs to enhance employability.
Job creation emerged as a cornerstone of the budget, with strategic initiatives designed to generate employment opportunities across various sectors. The focus on MSMEs was particularly noteworthy, as these enterprises form the backbone of the Indian economy. The budget’s provisions for MSMEs aim to provide them with easier access to credit, technological support, and market opportunities, thus fostering their growth and sustainability.
One of the most applauded measures was the abolishment of the angel tax, a move expected to significantly boost startup culture and innovation by removing the tax burden on investments in startups. This step is likely to attract more domestic and international investments, fueling the entrepreneurial spirit in India.
A Closer Look at Taxation and Its Impacts
The session featured insightful presentations by two renowned Chartered Accountants, Prashanth K. L. and Guru Prasad M. They meticulously broke down the complete taxation structure introduced in the Union Budget 2024. Their analysis, supported by concrete figures, highlighted the significant effects of the new taxation policies on various fields, including individual taxpayers, businesses, and the broader economy. The detailed explanation provided a clear understanding of how these changes aim to drive economic growth and development in our journey toward a Viksit Bharat.
Business Perspective on the Budget
Adding another dimension to the discussion, Tejas Khoday shared his perspective on the budget from a business viewpoint. His insights into the potential opportunities and challenges that the new budget brings for the business community were enlightening. He emphasized how the budget’s provisions could foster a more robust business environment, encouraging innovation, entrepreneurship, and sustainable growth.
A Grateful Acknowledgment
I extend my heartfelt thanks to Tejasvi Surya and his dedicated team for the kind invitation and impeccable arrangements. The event was not only highly informative but also exceptionally well-organized, providing an enriching experience for all attendees.
Suggestions for Future Benefits
In light of the informative sessions and discussions, I would like to suggest that the government consider extending more tangible benefits to taxpayers. Introducing perks such as free medical services, subsidized transportation, and discounts on airlines could further incentivize compliance and support the welfare of citizens. These benefits would not only reward diligent taxpayers but also enhance the overall quality of life, aligning with the vision of a developed and prosperous Bharat.
This event underscored the importance of understanding the intricacies of our nation’s financial planning and its far-reaching impacts. I look forward to more such enlightening sessions that contribute to our collective knowledge and progress.
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