The Kuwait Chapter of the Institute of Chartered Accountants of India (KCICAI) held an insightful online CPE session on the Union Budget 2024. This well-attended event included KCICAI chapter members, Students perusing Chartered Accountancy in Kuwait and other members from ICAI’s GCC chapters.
The session opened with CA Venkata Ramana Badida, Secretary KCICAI warmly welcoming professional colleagues from Kuwait & the GCC countries, other guests, ICAI students and the esteemed speaker.
Following the warm welcome address, CA Aditya Vikram Dhanuka, Chairperson of KCICAI, addressed the attendees. In his opening address CA Aditya emphasized the importance of staying updated with India's Union Budget for both personal and professional growth. He also highlighted the previous & upcoming Chapter activities and various ongoing corporate tie ups for the benefit of KCICAI members. His address set a positive tone for the session, with a special welcome to Shri CA R Bhupathy, past president of ICAI, acknowledging his contributions to the fraternity.
On this positive note, Master of Ceremonies CA Andaleeb Girkar, Executive Committee Member, took over and formally introduced the esteemed speaker – CA R. Bupathy, highlighting the speaker’s accolades to the attendees.
After being introduced, CA Bhupathy delved into the subject by sharing valuable insights and an in-depth analysis of the Union Budget 2024. The session was exceptionally engaging & informative.
The budget particularly focuses on employment, skilling, MSMEs, and for all-around prosperity. Several amendments were analyzed and points specifically related to NRIs were discussed. He highlighted key reforms and budget amendments, focusing on their potential benefits for Indian professionals and businesses operating abroad, particularly in the Middle Eastern regions.
The few Budget implications, potential challenges and opportunities discussed in detail during the session were as follows;
•Abolition of angel tax
•Shifting of taxation on buyback of shares from the company to the shareholders
•Treatment of relinquishment of rights as capital loss
•Rationalization of capital gains taxation
•Penalty provisions under the Black Money regulations on foreign investments
•Impact of retail bonds issued in GIFT IFSC
•Overall move towards a simplified tax law in India
The webinar concluded with an engaging Q&A session, moderated by CA Umesh Soni, Treasurer of KCICAI and followed with a formal Vote of Thanks given by CA Sonia Enamakel.
CA Sonia Enamakel expressed gratitude to CA R. Bupathy for his enlightening presentation, the attendees and the annual sponsors Al Mulla Exchange and NBK for their unwavering support. She also thanked KCICAI’s media partners for their extensive coverage of the events.