The Hindu Business Line : ICAI wants essential items under strict watch

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Kolkata March 3 The Institute of Chartered Accountants of India (ICAI) has called for strict measures to check profiteering and speculation in trading in essential commodities.

Describing many of the positives in the Union Budget, Mr Sunil H. Talati, President, ICAI, said here that while rise in prices has to be arrested in the larger interest of the nation, it was also imperative that the growth rate in the economy is maintained.

According to Mr Talati, the hike in dividend distribution tax from 12.5 per cent to 15 per cent for corporates and from 20 per cent to 25 per cent for mutual fund companies was probably an exercise carried out to meet the shortfall consequent to withdrawal of surcharge on firms/companies up to income of Rs 1 crore.

Suggesting that this may adversely affect small investors, he said bringing ESOPs under the FBT may lead to some debate.

The institute, welcoming the relief given to small-scale service providers (hike in exemption limit from Rs 4 lakh to Rs 8 lakh), has pointed out that this will eliminate needless hassles for this sector.

Kolkata,

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