DBT Bureau
Pune, 25 July 2024
The Direct Tax Committee of the Institute of Chartered Accountants of India (ICAI) convened a special session at the Siri Fort Auditorium in New Delhi to delve into the intricacies of the Union Budget 2024-2025 with experts from the CBDT. This event provided a pivotal platform for professionals to engage in comprehensive discussions and acquire invaluable insights.
The event was graced by the esteemed presence of distinguished Chief Guest Ravi Agrawal, Chairman of the Central Board of Direct Taxes (CBDT), along with distinguished guest Raman Chopra, Joint Secretary (TPL – I) at CBDT, Pankaj Jindal, Joint Secretary (TPL – II) at CBDT, and CA. Girish Ahuja, a renowned tax expert. Also present were CA. Ranjeet Kumar Agarwal, President, ICAI; CA. Charanjot Singh Nanda, Vice-President, ICAI; CA. Piyush S Chhajed, Chairman, Direct Taxes Committee of ICAI; CA. Cotha S Srinivas, Vice-Chairman, Direct Taxes Committee; CA. Sanjay Kumar Agarwal, Chairman, Taxation Audits Quality Review Board; CA Anuj Goyal, Vice-Chairman, Taxation Audits Quality Review Board.
The technical session offered a comprehensive overview of the Union Budget, analyzing its provisions and potential impacts across various sectors.
Chief Guest Ravi Agrawal, Chairman CBDT said “I am pleased to highlight that many of the proposals forwarded by ICAI have been incorporated into the budget, reflecting our shared goal of improving tax administration in the country. Chartered Accountants are one of the limbs of the financial system. CAs play a crucial role in interpreting laws and auditing business practices. In this digital era, as financial transactions are digitized, digital transactions and bookkeeping have become very complex and therefore addressing issues together is vital. We trust your input and welcome your suggestions. Environmental audits also impact financial audits and your role in this area is very critical. As mentioned by the Hon’ble Finance Minister, simplifying the Income Tax Act is a priority, and ICAI’s inputs to shape future tax regulations is very important.” He further urged ICAI to participate in capacity-building initiatives for department officials and regular exchange of ideas.
Addressing the gathering, CA. Ranjeet Kumar Agarwal, President, ICAI said, “The Union Budget 2024-25 is a growth-oriented, women-centric, and youth-focused budget, showcasing the government’s dedication to skilling our youth. It addresses four critical areas: employment, skilling, MSMEs, and the middle class, all essential for India’s journey towards becoming the third-largest economy by 2047. Many suggestions of ICAI were accepted by the Government in the Budget. Chartered Accountants have always excelled in financial reporting, and now we must also master non-financial reporting. Environmental Sustainability Transition is the key area in this budget that the profession looks upon. Our role is crucial in ensuring sustainability remains central to financial practices and there is a huge professional opportunity for Chartered Accountants in this emerging area.
He further added, “In this era of digitization and data generation, CAs have a significant role in data analytics and interpretation. With AI integration on the rise, ICAI is committed to equipping our members with the necessary skills to contribute meaningfully to this transformation. Together, the efforts of the institute and the government will pave the way for a developed and prosperous India.”
CA. Charanjot Singh Nanda, Vice President, ICAI, said “As we reflect on budget interpretation today, this budget reveals three key insights: increasing investor sensitivity to valuation shifts, a positive trajectory for stocks held by robust entities, and India’s emergence as a favored global investment destination. The role of Chartered Accountants cannot be undermined in this direction as they proactively work in alignment with the best-laid policies. Chartered Accountants, integral to policy implementation have transitioned from nation building to global building, contributing significantly amidst rising GST collections and robust tax revenues.”
The event was organised by the Direct Tax Committee along with the Taxation Audits Quality Review Board and hosted by the Northern India Regional Council of ICAI. The event reflects ICAI’s commitment to equip professionals with the knowledge and tools necessary to navigate and adapt to evolving financial regulations, ultimately supporting their efforts to drive economic growth and compliance.
