Dubai, March 17:Â Non-resident Indians have welcomed the Union budget as a step in the right direction. They have appreciated the deferment of income tax liability under the new Direct tax code regime for another year. The thrust on infrastructure and measures to check tax invasion in the Union budget 2012 have been appreciated.
The President of Indian Business and Professional Council in Dubai, Bharat Bhutani said the finance Minister has done a balancing act in the wake of rising fiscal deficit.
The President of the GOPIO Dubai Chapter, Kamal Vachani said the increase in individual income tax limit to Rs. 2 lakhs and the 20% tax slab from Rs.8 laks to 10 lakhs is a welcome step for Individuals as well as NRIs. The Al Maya Groups Operations head told AIR that the exemption of customs duty on LED and LCD TVs will give a boost to the manufacturing sector and make the TVs cheaper.
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