Udaipur |Reacting to the Union Budget, senior Chartered Accountant Nirmal Singhvi said that Finance Minister Nirmala Sitharaman, while presenting her record ninth budget, has focused on inclusive development of youth, the poor, women, and farmers, aligned with the vision of transforming India from a developing nation into a developed country.

Singhvi stated that the budget emphasizes employment generation, strengthening infrastructure, and promoting manufacturing through three major reforms aimed at accelerating the pace of economic growth, which he described as a welcome step.

He further noted that the government’s estimate to reduce the fiscal deficit from 4.4 percent to 4.3 percent of GDP is a positive and encouraging move toward fiscal discipline.

Highlighting key tax-related measures, Singhvi said that no tax will be deducted at source on interest received on compensation awarded by the Motor Accident Claims Tribunal. He also welcomed the exemption granted to resident individuals and Hindu Undivided Families (HUFs) from obtaining a Tax Deduction and Collection Account Number (TAN) in cases where immovable property is purchased from a non-resident.

Additionally, Singhvi appreciated the decision to rationalize income tax return filing deadlines based on different categories of taxpayers, stating that this will make return filing more convenient and speed up the processing of returns, marking another progressive step in the budget.

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