Genuine loans and advances, which are repaid during the year, should be excluded from the scope of deemed dividend as they are not a subterfuge for payment of dividend.

A stable government at the centre together with the realisation that India needs to continue on its growth path has fueled the expectations of India Inc for a pragmatic Budget.

Today, with the indirect tax regime poised at possibly its biggest structural reform since Independence, viz: the move towards GST, the various concerns and challenges within the present service tax structure needs to be addressed prior to introduction of GST.