Day-long seminar on Direct Tax organised

Source: The Hitavada      Date: 06 Mar 2017 11:10:42

Staff Reporter,


Mar 5,

A day-long seminar on the ‘Direct Tax, Impact of Union Budget and Benam Transactions Act’ was organised by CA Bhilai Branch at ICWAI Bhavan Civic Center Bhilai on Saturday. The key note speaker on the occasion was former National President of CA Institute, CA-R Bhupati from Chennai along with renowned speaker and writer on Direct Tax CA (Dr) Girish Ahuja from New Delhi. It may be mentioned that Dr Girish Ahuja is financial consultant of Govt of India and also government nominated Director of State Bank of India.

At the outset, President of Bhilai Branch, CA-Minesh Jain delivered the welcome address while programme Incharge CA-Suresh Kothari detailed about the daylong seminar. The first e-souvenir (e-new letter) was released by the guests on the occasion.

In the first session CA-R Bhupati detailed about new provision that are been introduced in Income Tax. He also discussed on demonetisation and its affect on economy and budget. The second session saw Dr Girish Ahuja detailing on the current and burning topic ‘Benam Transactions Act’. He informed that if any person purchases property in the name of anyone besides wife and children then that property will come under benam property and tax will be imposed. Also if a person purchases property in the name of his mother, father, brother, sister, uncle or any other relative that too will be considered as benam property. But if the property contains joint name of the owner and his relatives then the property will be considered legal. If the property is considered or declared benam then there is provision of rigorous punishment, added Dr Girish. He informed that if any person posses illegal or benam property and black money then he can donate 50% of it to Pradhanmantry Gareeb Kalyan Yojna before March 31 and save himself from rigorous punishment. CA members, students along with office bearers and members of Chamber of Commerce, Tax Bar Association, BSP Ancillary Industries Association, Rice Mill Association, Sarafa Association and other organisations were present on the occasion. CA Priyesh Lalwani and CA Ankesh Sinha conducted the proceedings of the programme while CA Nitin Lunia proposed the vote of thanks.