Workshop on tax audit & income computation held

Source: The Hitavada      Date: 02 Sep 2017 09:49:07

Staff Reporter,

The institute of chartered accountants of India (ICAI) Bhopal has organised a seminar on Tax Audits, income computation and disclosure standards and miscellaneous tax issues on Friday. On this occasion eminent speaker from Delhi CA Kapil Goel and CA Sachin Jain were invited.

In the first session CA Sachin Jain addressed chartered accountants audience and thought how new accounting standards and ICDS going to affect tax audit report of client. He also clarified that new standards shall not be applicable on persons maintaining books on cash basis. He also said that many petitions are pending against this ICDS rule.

In the second session CA Kapil Goel delivered outstanding speech on various taxation issues particularly related to search, survey, penalty and law. He said that in case of a income tax survey in a business premises if there is any surrender of stock than it should be declared under profit and loss account only and in that way heavy tax u/s 115BBE can be escaped.

Before this Bhopal Branch chairman CA Anup Shrivastava delivered welcome speech, sharing dais Regional council member CA AbhayChhajed praised the Bhopal branch managing committee for their full hearted efforts particularly in construction of new building. On this occassion more than 150 CA participated.