PUNE: In terms of the IT industry, the budget includes measures such as launching a comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years. The budget also includes reducing corporate tax on foreign companies to invite investments and abolishing angel tax for all classes of investors to boost start-ups and investments. Overall, the budget aims to create a conducive environment for growth and development in the IT industry.
Vidyadhar Purandare, Secretary, of the Software Exporters Association of Pune (SEAP) shares his budget outlook,
“The budget looks encouraging and is an attempt to build a strategy for the Vikasit Bharat. IT Industry point of view abolishing angel tax for all classes of investors is a welcome move and will greatly help the start-up ecosystem. Further India’s foreign companies get corporate tax relief from 40% to 35%. This will benefit foreign-owned foreign-controlled companies and may attract investment and encourage investors. The salaried get some relief on account of an increase in the limit of standard deductions.
What I would have liked to see in the budget was some strategy on the sez scheme and comment on the DESH bill. The sez industry is eagerly waiting on relief to perform exports to DTA units in INR. An infrastructure fund for various industry hubs especially IT hubs in the country will greatly help address the last-mile infrastructure challenges all major IT hubs in the country have been facing (Bengaluru, Pune, Hyderabad, Chennai, etc.)“
