IT payers need not run from pillar to post for appeals: Mahendra at ICAI conference

Two day ICAI conference to conclude today

Mail News Service

Jamshedpur, Feb 5: The two day conference on ‘The Changing Dimension of Performance’ hosted by the Jamshedpur chapter of Institute of Chartered Accountants of India (ICAI) at Hotel Alcor in Bistupur saw detailed discussions of Income Tax regulations and preparation and filing of audit reports of companies held over two sessions on Friday, February 5. The concluding day of the conference is on Saturday, February 6.

The conference was jointly inaugurated by CIRC vice chairman Atul Malhotra and  ICAI Jamshedpur chairman Sanjay Goyal. Speaking on the occasion, IT lawyer and guest speaker from Jaipur, Mahendra welcomed the provision for IT payers and hailed the new budget presented in Parliament as historic. In his address to the 150 chartered accounts who were physically present at the venue and more than 200 others who participated from all parts of India via webinar, Mahendra said, “In this age of digital technology, the reassessment period has been reduced from six years to three years whuich will prove to be a boon for small tax payers. Moreover the assessment will adhere to the faceless norm and in case of a second appeal, the same mode (faceless) will be implemented,” and added, “In the coming days, tax payers will not have to run around from pillar to post for their appeals. They can participate in the appellate tribunal from their own offices or from the office of the consultant.”

The first session was chaired by CA Jagdish Khandelwal while the second was conducted by CA Narendra Jain in the chair. The webinar was anchored by ICAI Jamshedpur secretary Sugam Saraiwala.

Among those physically present during the first day of the conference included chartered accountants Pankaj Chowdhary, Siddharth Khandelwal, Vikas Agrawal, Yogesh Sharma, Sashi Saraiwala, PN Sandhari, Vishal Agrawal, Mahesh Agrawal, Ridhi Arora, Vinit Mehta, Satbir Singh Bhatia, Manish Moonka, Vinod Saraiwala and others.

Thorough scrutiny essential prior to audit report: Arun Saxena

Chartered Accountant from Delhi, Arun Saxena while addressing the second session of the first day’s conference stated that the Companies Act was very structured as figures apart from Reserve Bank of India guidelines that included deposits, loans and capital investments, there were another and additional set of norms defined in the Companies Act. Saxena said that all companies had to abide strictly by these laws. “In case these laws are not adhered to by companies or even if there is a slight slipup, severe penalties are imposed on such bodies. A chartered accountant must thoroughly scrutinize all the facts and figures before preparing the audit report,” he advised the CAs attending the session.