Dear Members,

Much awaited "Budget 2008" is now public. When Budget speech was going on, there was a mixed reaction and mix feeling of Kabhi Khushi Kabhi Gam and till today there seems to be no alteration in people’s perception. The concluding part of the Budget speech reads like ……"Our work in government is every day and every hour, a discovery of the path to reach our goals: full employment, abolition of poverty and elimination of inequality. "These goals can only be achieved by considerable increase in national income and our economic policy must, therefore, aim at plenty and equitable distribution. We must produce wealth and then divide it equitably. How can we have a welfare state without wealth?" Those are not my words; they were uttered in 1955 by Pandit Jawaharlal Nehru……". The increase in the slab rates for the individual Tax payers is a welcome move. Reversing the Hon'ble Supreme Court judgments and the amendments effective from retrospective effect are two miseries which started few years back, has continued unabashed this year also. The numbers at the stock exchanges didn’t express its happiness on the budget announcement. External factors of U.S. recession due to sub prime crisis can also be the cause. Time will only tell that the distribution has remained equitable and the desired goal has been achieved in the words and spirit. One needs to be prepared to live in the changed environment.

The pace and magnitude of change may be different at different point of time. Managing constant change and challenge is only road leading towards success. Simple rule of ABC; i.e., Ability, Breaks and Courage will take you to your desired destiny. Needless to say that destiny is shaped in one’s mind before one starts working on it. We need to go beyond our potential and look for the total accomplishments and therefore, utmost happiness. There is no sickness like sorrow so be happy and keep marching ahead.

Chamber has already acquired this trait of happily marching towards its targets. The mega corporate event was always a dream of Chamber which was fulfilled in the last week of February. The two days programme on "Mergers and Acquisitions" has added one more feather in the Chamber’s cap. Great team efforts always bring the great success, which we could witness at the end of this programme. The orientation course on service tax ended with lots of satisfaction and appreciation. The Budget workshop on direct tax proposals was also organized jointly with WIRC of Institute of Chartered Accountants of India. Chamber is in process of sending its post Budget memorandum to Ministry of Finance. Kindly send your suggestions, so it can be considered while preparing this memorandum.

Students (Youth) have remained a torch bearer of any profession or of any nation. Innovations and energy blended with experience and wisdom can bring miraculous results. Chamber is pleased to announce one more initiative; i.e., "Students Membership". Members are requested to inform the same to their
students trainees and encourage them to avail this pride possession.

This Review covers analytical review of some of the important proposals made in Finance Bill, 2008 on Direct Taxes and Indirect Taxes. I am sure the readers will benefit and be able to convert their information into knowledge.

"Holi" the festival of colours is about to approach. We wish all the members a happy Holi and the colourful life full of success, strength, satisfaction.