Article by Dr. Suresh Surana (Founder, RSM Astute Consulting)
The second budget to be presented by the new government is keenly awaited by business entities as it is generally seen to bring ”Achhe Din” from the tax perspective. It is notable that the Prime Minister, himself, as part of his ‘ease of doing business’ framework’ emphasized on bringing in more clarity in taxlaws and administration. Recently, the Prime Minister in one of his addresses has specifically mentioned that ‘Retrospective tax is thing of the past’.
The Union Budget 2016 which shall be announced on 29th February 2016 is expected to be a reformist budget rather than a populist budget and could focus on the following aspects: