Page 3 - Union Budget_2019
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Union Budget 2019


           Dear Reader,

           Its indeed our pride and privilege to bring this 10  edition of our Union Budget Analysis to our esteemed
           readers. What started in 2011 as a trial, has grown to be one of our premier publications widely read by
           industry leaders, bureaucrats, professionals and lawyers. The tenth edition, in tune with our effort to bring

           something more, has in-depth statistics of state-wise GDP data and fiscal positions along with comparing
           India’s stature with its global peers. As a nation we have moved a long distance over the past decade

           however, every budget only reminds us of the path ahead. This year again, in keeping with the tradition of
           the legislator, we have nearly 70 amendments, which is around the average for the past decade, in the Direct

           taxes front. The direction of most of these amendments clearly shows the focus areas of the Government
           namely: widening the tax base, expansion of TDS, increase in compliance and a check on tax evasion. The

           significant increase in surcharge on the hyper-rich seems to have received large scale flack especially from
           the FPIs- though from a tax payer’s perspective, this might look onerous, as a nation, this initiative and
           direction clearly leads to one path – growth in collections for larger national prosperity.

           The provisions pertaining to rationalisation of certain aspects of taxation like relief from disallowance on
           non-deduction of TDS from non-resident payments and prefilling of returns with expansion in scope of
           annual returns are welcome steps. Policy thrust is clearly evident from enhanced benefits for affordable

           housing and electric cars. Expansion of the scope of the tax evasion provisions to include non-residents and
           widening the ambit of Country by Country Reporting read in the light of the recent circular on compounding

           of offences, makes tax evasion in India, a serious crime with severe consequences. These and many more
           proposals have been discussed at length in this publication.

           As always, I would like to hear from you. Please feel free to share your feedback by writing to me at

           With Best Regards

           Divakar Vijayasarathy

           Founder and Managing Partner

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