The Union Budget 2017-18 may not be high-sounding but it focuses on better consolidation and implementation of government schemes, Finance Secretary Ashok Lavasa said on Tuesday. “The spirit with which the Budget proposals for 2017-18 were prepared was to ensure better consolidation and smooth implementation of government’s developmental and various social schemes though in some sense it may not be high-sounding,” Lavasa said here at a post-Budget interactive session organised by the PHD Chamber of Commerce and Industry.
Lavasa said that the Budget 3027-18 is pragmatic and would achieve all what it has promised to develop and transform the rural and the urban economy, including agriculture and other allied sectors.
“The Budget has provided much higher allocations for infrastructure, Pradhan Mantri Gram Sadak Yojana, rural housing, Digital India and host of other sectors as its focus has been to ensure timely implementation of all developmental programmes of the government”, he said.
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Speaking on the occasion, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the chartered accountants and taxation consultants should assess the income of the assessees with precision as ambiguities discovered in their tax returns would be subject to scrutiny and penalties.