Jamshedpur: Tax payers to reveal source of income with ITR forms, says CA RK Vyas

SCCI holds Post budget seminar

Jamshedpur, Feb 5: Post budget seminar on the effects of Union Budget was jointly organised by Singhbhum Chamber of Commerce and Industry (SCCI) and Jamshedpur Chartered Accountant Society in Chamber Bhawan on Saturday. 

Seminar was organized in memory of former Vice-President (Finance and Taxation) of SCCI, Late CA Dinesh Choudhary, who served the Chamber and traders in various capacities over the years.

Professional experts were present as guests during the post budget seminar. They gave detailed information to the traders, entrepreneurs and professionals about the impact of the Union Budget on business and industry and answered the queries put forth by the traders and held discussion on the budget. SCCI President Vijay Anand Moonka delivered the welcome address.

CA RK Vyas from Kolkata while discussing about direct tax informed about its positive outlook on many of its provisions and also apprised the traders about the difficulties being faced. He informed that if a trader takes friendly loan from someone, then the taxpayer will have to tell the Income Tax Department from where the money came to that borrower.

CA Vyas further said that service providers account for 55 percent of the country’s GDP. Small businessmen, middle class and elderly were in need of special relief in tax which was absent in this budget.

CS Aditya Singhania discussed in detail about Indirect Tax/GST and explained the businessmen, entrepreneurs and professionals about the impact of the budget on business and industry.

CS Aditya Singhania informed about new provisions brought in the budget regarding input tax and said that the government is going to make very stringent provisions to prevent bogus billing, but honest taxpayers will have to face a lot of trouble.

“The government has put a lot of burden on the honest taxpayers due to non performance of their departmental machinery according to the capacity for which the government will have to face the anger of the taxpayers in future,” added CS Aditya Singhania.

Also present were former President Advocate Murlidhar Kedia, former President CA GR Golcha, Vice President Mukesh Mittal, Nitesh Dhoot, Secretary PRW Bharat Makani, former general secretary Bharat Vasani, CA Gopal Harlalka, CA Ramakant Gupta, Advocate Rajiv Agarwal, Advocate K.L. Mittal, Advocate Satish Singh, Advocate Rajesh Agrawal, CA Manish Kedia, CA Kishan Chaudhary, CA Anil Ringasia, CA Saurav Sonthalia, CA Sugam Saraiwala, Pawan Naredi, Shravan Debuka along with  businessmen, entrepreneurs and professionals.