Union Budget Session with PwC
PricewaterhouseCoopers Kolkata hosted a seminar on the Union Budget 2020/21 at the Taj Bengal on February 3rd. Members of AMCHAM’s Eastern Region were invited to this session. The panelists at the tnaugural session were Mr. Sanjay Budhia, Industrialist, Managing Director, Patton India, Mr. Arnab Basu, Managing Partner East & Technology Consulting Leader, PwC India, Prof. Mrutyunjay Mohanty, IIM Kolkata, Mr. Bishwanath Jha, IRS Principal Chief Commissioner of Income Tax, Kolkata and Mr. Kaushik Mukherjee, Tax Partner, PWC and Executive Committee Member – Eastern Region, AMCHAM. The panelists gave their interpretation of the budget announcement viz-a-via its expectations, the finer details of the finance bill and how it impacts business.
The technical session was on direct and indirect tax analysis and the speakers were Ms. Susmita Basu, Partner, PwC and Mr. Pulak Saha, Partner PwC. This was followed by a panel discussion where leaders of industries gave their take on the budget. The moderator was Mr. Kaushik Mukherjee with panelists Mr. Pallav Gupta, Head, Taxation, ITC Ltd., Mr. Naresh Pachisia, Chairman, SKP Securities, Mr. Bhaskar Banerjee, Chairman Calcutta Stock Exchange and Mr. Pradeep Sureka, Chairman, Sureka Properties. The session covered impact on individuals – whether using tax exemptions or under the old regime and how much the individual would actually save, crack down on NRI’s who don’t pay tax and the FM’s use of fiscal space to spur the economy. Most of the speakers felt that efforts to address the slow-down would need to be supplemented by other measures.