Ensure correct & timely compliance of Income-Tax Act: Dr Bhusari to CAs

Source: The Hitavada      Date: 30 Aug 2018 09:54:21



Business Bureau

DR MILIND Bhusari, Commissioner of Income Tax (Audit & ITAT) said, “Large portion of Income Tax Act has now settled with several pronouncements, however, the chartered accountants (CAs) need to ensure that correct and timely compliances are done in view of computerisation of Income Tax processes”.

He was speaking at a seminar on Direct Taxes organised by Direct Tax Committee of ICAI, New Delhi and hosted by Nagpur Branch of WIRC of ICAI. Dr Bhusari said, “Chartered accountants have to perform their duties continuously and with full dedication. If other professionals fails there can be problem to one or several people, but if CAs fails to perform, entire economy may fail, hence importance of CAs is tremendous.”

He further said that a chartered accountant is supposed to have knowledge of math, law, communication, drafting, analytical skills while being updated on numerous laws and regulation. He advised the CAs to follow highest degree of professionalism in their professional lives so that that grow with the development of their clients. He praised the branch for organising the seminar where topics of prime importance were helpful to the members at large.

CA Tarun Ghia, Chairman, Direct Tax Committee, ICAI, updated the members about the activities of ICAI and Direct Tax Committee while appreciating the fact that the services being offered by CAs are increasing day by day. He complimented the members of Orange city for their proactive role in suggesting and giving inputs on various matters of direct taxes to the ICAI.

He further stressed on the increased demand of CAs in international market and assured that the profession would take a bigger role in economic scenario of the country in days to come.

In the inaugural session, Chairman of Nagpur Branch CA Umang V Agrawal said, “We as consultants are required to be abreast about latest pronouncements and judicial rulings to provide informed and appropriate opinion to our clients”.

He thanked the Direct Tax Committee of ICAI for continuously updating the members with changes in the direct tax laws regularly. He said that the seminar was organised to keep members updated on important topics.
In the technical session, CA Tarun Ghia, Mumbai deliberated on taxation of ‘Joint development agreements and taxation of builders and developers’.

CA Piyush Chajjed, Mumbai deliberated on ‘Income computation and disclosure standards’. In the second technical session, CA Yash Verma, Nagpur spoke on ‘Analysis of Tax Audit Report under Income Tax Act’.
All the speakers interacted with members and resolved their queries effectively.

CA Jiten Saglani coordinated the proceeding and CA Kirit Kalyani, Secretary proposed formal vote of thanks. Present on the occasion were Farooq Shezad, Deputy Commissioner of Income Tax, CA Suren Duragkar, Vice-Chairman, CA Saket Bagdia, CA Sandeep Jotwani, CA J S Oberoi, CA Mahendra Jain, CA Pooja Tiwari, CA Prateek Chabariya and more than 180 members.