New Delhi – Finance Minister Nirmala Sitharaman’s budget for the financial year 2019-20 (Apr-Mar) has a lot of welcome changes and initiatives to push India in direction of becoming a $5 trillion economy in the coming years, Amit More, founder and chief executive officer (CEO) at Finzy told India CSR.
Finzy is a Bengaluru-based financial services company.
The tax deducted at source (TDS) of 2% to be levied on cash withdrawal over Rs 1 crore rupees in a year is a step towards reinforcing digital payment in the country, More said. Also, the removal of IT scrutiny for angel funding will further help in resolving tax issues for the startups, he added.
The proposed Budget tries to maintain a balance between growth, inclusion and fiscal prudence. Overall the budget comes as a support for startups by creating a specialized pool of talent and an environment for smooth business operations, the founder said.
More has has over 17 years of experience with organisations like the ICICI Bank, Credit Suisse AG and Edelweiss, non-banking financial company.