A special session on Union Budget 2023 was organised at the UG campus of the Prestige Institute of Management & Research, Indore, to enlighten the students about the union budget, various economic reforms discussed in it and the role of budget in economic and industry growth.
The panel speaker Kamlesh Bhandari, Former Dean of Commerce Department at Devi AhilyaVishwa Vidyalaya talked on how the Union budget will add to the economic development of the country.
He further emphasized on the Resource allocation among different strata of the society. According to him, the focus of the government has been on key aspects like self- reliance, Make in India, empowering youth and healthy India.
CA. Apurva Mehta explained the differences and benefits of New Tax Regime and Old Tax Regime. He further covered the concepts related to Section 54, 54F, 44 AD, 44 ADA and Section 194.
Mehta also talked about the accelerating growth of MSMEs and Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme, provisions related to tax collection at source, updated returns within 2 years for correcting errors, increasing tax deduction limit on Employer’s contribution to NPS account of State Govt. Employees, Tax reliefs to persons with disability and other provisions.
The key economic agenda included concepts of GDP, Purchasing Power Parity, contribution to the agricultural sector, why people refrain from filing income tax returns, Foreign exchange rate differences, imports-exports etc.
CA Niranjan Lahoti connected the topics of Budget with the student’s curriculum topics to make them understand the concepts better. PIMR UG Director, S Ramen Iyer and other faculty members of Finance and Management also attended the session.
