"Farming community will stand to benefit a great deal"
Huge allocations for the agriculture sector commendedNew thrust to ITIs notable feature of budget
CHENNAI: Describing the Union budget proposals as "path-breaking and pathfinder," Chief Commissioner of Income Tax, Chennai, C.R. Ravichandan, said it was heartening to note that sizeable allocation had been made for agriculture, health, education and defence.
Addressing at symposium on Union budget-2007, organised by the Tamil Chamber of Commerce, Mr. Ravichandran defended the Finance Minister for reversing the earlier trends and coming out with an "anti-inflationary budget."
The Finance Minister needed to be commended for making huge allocations for the agriculture sector, which was the backbone of the country. "The small and faceless farming community of our nation would stand to benefit a great deal in this budget which would further revolutionise the agriculture sector."
Another notable feature was that the Finance Minister had provided a new thrust to the ITIs. Saying that it was a "pro-poor budget," Mr. Ravichandran said only the rich have to pay more tax, including those in the Information Technology sector.
V. Murali, Chairman-Sub Committee on Taxation, handed over a booklet on the highlights of the budget. The first copy was received by Mr.Ravichandran.
V. Ramachandran, senior advocate, said the budget was "a trendsetter and momentous" in many ways especially as it takes care of the interests of small and medium farmers.
K. Vaitheeswaran, advocate and tax consultant, who explained the salient features of the service tax component in the budget, said the Centre would garner Rs.38,169 crore from service tax with the Finance Minister widening the tax net.
While the provision for filing revised service tax returns was a welcome step, Mr.Vaitheeswaran said a major blow for the IT sector was the levy of service tax on rental of immovable property.
K.S. Venkatagiri, advocate, S. Santhanam, president, and S.S.R. Rajkumar, honorary secretary, spoke.