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Money & Banking
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Budget
`Focus on tax compliance welcome'
Chennai, Feb. 29
"The budget continues along the path that the previous
budgets of the UPA government have set out on. It was
the banking sector which led the pre-Budget recovery.
Once the source of funds for the loan write-offs becomes
clear, the impact on banking sector might not be so
severe", says Mr Gaurang Shah, Managing Director,
Kotak Mahindra Old Mutual Life Insurance Ltd.
The other proposals which may seem negative for the
market at first glance - like the hike in short term capital
gains - will be accepted without much ado by market
players. "A great positive is that the government is
focusing more on tax compliance than increasing tax
rates. Using PAN is an effective tool in this regard," he
said. - Our Bureau
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