ICSI welcomes union budget for 2021

The Institute of Company Secretaries of India (ICSI) has welcomed the Union Budget for 2021 for its focus on healthcare sector, promoting the ease of doing business and new rules on taxation, among others.

ICSI has also applauded the ease provided in compliance for senior citizens and small tax payers and making Income Tax Appellate Tribunal faceless.

ICSI, in a press release said it appreciates the initiative taken regarding the new rules for removal of double taxation for NRIs, reduction in the time period of tax assessments among other measures and steps taken for start-ups.

It further said that the decision to spend Rs 2 lakh crore on healthcare with Rs 35,000 crore on Covid-19 vaccine development and inoculation is a much-needed step.

ICSI President Nagendra D Rao said, ''The reform measures of Budget 2021, focussing on the six pillars of the economy vis a vis, Health and Wellbeing, Physical & Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, Minimum Government and Maximum Governance are perfectly aligned with the Government's Atmanirbhar Bharat initiative.'' Proposal of one market code for rationalising different security market regulations and allowing one person companies to grow without restriction on paid up capital and turnover are moves aimed at enhancing the advancement in ease of doing business index, it said.

The first ever paperless budget has emphasised on digitising governance and businesses.