The Expatriate Indian Community has welcomed the Union budget as a step in the right direction. They have appreciated the deferment of income tax liability under the new Direct tax code regime for another year. The thrust on infrastructure and measures to check tax invasion in the Union budget 2012 have been appreciated.
The President of Indian Business and Professional Council in Dubai, Bharat Bhutani said the finance Minister has done a balancing act in the wake of rising fiscal deficit. He welcomed the deferment of implementation of Direct tax code by another year. The new regime would have made NRIs income taxable if they spend more than 59 days in a year in India or more than 365 days over four years. At present NRIs global income is taxable if he spends more than 180 days in India in a year.
The President of the GOPIO Dubai Chapter ,Kamal Vachani said the increase in individual income tax limit to Rs. 2 lakhs and the 20% tax slab from Rs.8 laks to 10 lakhs is a welcome step for Individuals as well as NRIs. The Al Maya Groups Operations head told AIR that the exemption of customs duty on LED and LCD TVs will give a boost to the manufacturing sector and make the TVs cheaper.
The Bank Of Baroda CEO for the GCC region, K.V. Ramaoorthy lauded the emphasis on infrastructure funding. He said the measures undertaken are quite realistic and would spur the economy.
The Abu Dhabi Commercial Bank, Manager Control, A. Nagraj said it is a long term welfare oriented budget .He said the enhancement of allocation in agriculture and rural development sector reflects the concern of the Government for the masses. However, he said entrepreneurs should have been offered more.
The Institute Of Chartered Accountants of India, ICAI Dubai Chapter Vice President James Mathews said, although it is a realistic budget; one has to keep in mind the fiscal deficit of 5.1 percent. He welcomed the guidelines to curb the black money ,compulsory reporting of assets held abroad and powers to IT authorities to reopen the assessments of cases up to 16 years in relation to assets held abroad as initiatives in the right direction.
