“Chartered Accountants continuously strive to ensure compliance of provisions and policies framed by the authorities. CA is considered to be a doctor of financial health of any business concern. Government of India has imposed faith and responsibility on Chartered Accountants” remarked Mr. Pradeep Mitra, Hon. Commissioner of Income Tax (Appeals), Nagpur while speaking as a Chief Guest at Full Day Seminar on Finance Bill 2019 organized by Nagpur Branch of WIRC of ICAI. Mr. Mitra said that time is the essence of all things and thus he urged the professionals present at the seminar to comply with all law requirements in time and educate their clients too. In a scenario of increased responsibilities, even the Revenue Officers need to get prescribed and require proper documentary evidences. Chartered Accountants having an upper edge with respect to specialization in the field of Accounting & Taxation can provide services in a much professional manner in Appeal matters, he stated.
On this occasion, Mr. Pradeep Mitra gave an insight about various changes in provisions of Income Tax in the current Budget presented by Hon’ FM and also explained the intent of the Government behind these provisions. He highlighted Government Initiative for Start Ups and Scheme of Faceless IT Assessment. He mentioned remarkable achievements of the government which included – Distribution of 7 crores or more LPG connections to households, construction of 1.5 crore houses in rural area, Construction of 130 km roads everybody and many more. Hon’ Commissioner Appeals having a passion of reading books mentioned famous quote of Henry Ford, which is relevant in these present days as well. The quote goes as, “Take away my machines, take away my capital, take away my factories; but let me have my men and I shall become Henry Ford once again.” He pointed that that we need to invest in human resources at our respective professional concerns to excel in the professional arena. Mr. Pradeep Mitra concluded saying that CA’s act as Bridge between the Government and Tax Payers and have an important role to play to ensure the financial discipline.
CA Suren Duragkar, Chairman of the Nagpur Branch of ICAI, lauded the lucid and cordial approach of Shri Pradeep Mitra sharing his words of wisdom with Chartered Accountants of the city. While welcoming the delegates present, he assured the revenue authority that Chartered Accountants are working shoulder to shoulder with department to ensure effective compliance of the provisions. Further, Nagpur Branch always acts proactively in the matter of arranging various seminars and study circles to update the members with respect to the changes in Act and Rules, he remarked.
CA Suren Duragkar praised the efforts of First Full time Lady Finance Minister Hon’ Smt Nirmala Sitaraman and remarked that this budget will give due pace and direction to the economic growth of country. He expressed his gratitude to the speakers for the Seminar CA Dr. Girish Ahuja from New Delhi and CA Dilip Phadke from Mumbai for agreeing to share their rich treasure of experience and knowledge in the respective fields of Income Tax and Indirect Tax. He also acknowledged and thanked Senior Chartered Accountants CA Kishore Dewani and CA C. N. Rathi for Chairing the Technical Sessions.
CA Abhijit Kelkar, RCM appreciated the untiring efforts of Team Nagpur in organizing various programs to update members with respect to latest happenings in the world of taxation. He informed the members present as regards various initiatives at Regional level including the launch and operation of SSP Portal of the Institute. He appealed the members present to get geared to work in the paper less atmosphere and gradually strive to have their respective offices on the same lines.
CA Girish Ahuja, New Delhi, a very sought after Faculty for complex Income Tax Act, Encyclopedia of Income Tax Act and a Teacher at heart, presented a superb analysis of Budgetary provisions regarding Income Tax and asked all professionals present to exercise caution while filing Income Tax Returns and doing audits as there are lot of changes in the provisions.
CA Dilip Phadke, Mumbai, expert in Indirect Taxes explained the provisions as regards changes brought about in Indirect Taxes viz. service tax, GST and customs. He explained the provisions of “Legacy Dispute Resolution Scheme” proposed in this budget for clearing off old disputed dues as regards service tax. He appealed the members present to take benefit of this scheme and settle old liabilities.
Both the speakers resolved the queries of members very effectively in the Question Answer session.
CA Kirit Kalyani, Vice Chairman of the Branch, coordinated the inaugural event. Technical sessions were coordinated by CA Harish Rangwani, Executive Committee Member and CA Saket Bagdia, Secretary of the Branch.
Prominently present on the occasion were CA Akshay Gulhane, CA. Sanjay Agrawal, CA Rajesh Loya, CA R. M. Shah, CA Julfesh Shah, CA Umang Agrawal, CA Kavita Loya and around 225 CA Members.
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