Budget 2012: Disappointment for infotech sector
   

Budget 2012: Disappointment for infotech sector

Last Updated: Sunday, March 18, 2012, 16:59
Comments 0  
Budget 2012: Disappointment for infotech sector Mumbai: The Budget has left the infotech sector more or less sour, as it has not met most of its expectations.

Zensar Technologies president & CEO Ganesh Natarajan said, "There is nothing much in the Budget for IT and not enough focus on incentives for skill building or tier 3 cities.

"(But) The announced advance pricing agreement may help transfer pricing decisions and the USD 1 billion venture capital fund focused on MSMEs is good for entrepreneurship."

McAfee India and Saarc managing director Jagdish Mahapatra called the Budget "moderately encouraging." "We welcome the direct tax code and GST bills, as these proposals are aimed at bringing in uniformity in the taxation process," he said.

Terming the Budget as "disappointing", Tata Consultancy Services CEO & MD N Chandrasekaran said, "Our request to exempt income generated from special economic zones from minimum alternate tax (MAT) has not been granted."

However, he added, "It is a pragmatic budget with doses of good intentions for long-term growth, but lacks short term punch to get growth going. The focus on R&D is good, as the weighted deduction of 200 percent for R&D expenditure in an in-house facility has been extended beyond this March, for a further period of five years. For the IT industry, the advance pricing agreement (APA) will be useful to ease transfer pricing litigation."

PTI
First Published: Sunday, March 18, 2012, 16:59
 
 
Post Your Comment
 Your comment(s) on this article
 
 
     
  Name
  Place
  Email
  Comment
TERMS OF USE:
The views represented here are not neccesarily endorsed by www.zeenews.com and its allied websites. All messages will be moderated and no message that has inflammatory, abusive, derogatory language or any language deemed unfit for publication by the editor will be displayed. Though it will be endeavoured that as many messages as possible be displayed, there will be time lag between the submission and publication of the messages. The website reserves the right to publish or reject any message.


 
latest videos  
Q&A With fm Read More »
Budget will provide breather to aam aadmi: Pranab

FM expressed confidence that the policy road map prescribed in the Budget will steer the course of the economy.

opinion poll
Will the Budget be able to solve India`s deficit woes?
Yes
No
Maybe
zee exclusive Read More »
A survivor’s Budget, at best!

As Pranab Mukherjee read out his Budget speech the politician in him was right up front.

Education not a priority in the Budget 2012-13 Union Budget 2012: What does it offer to women?
   
Food security still a distant dream Measly spending on major social sectors
 
Budget Plus