VIA Lady Entrepreneurs’ Wing (VIALEW) organized a seminar on, “Succession Planning, Will, Family Trust and recent changes in Income Tax” recently, by the Guest Speaker CA Naresh Jakhotia under the able leadership of VIALEW Chairperson, Poonam Lala.
The eminent speaker, CA Naresh Jakhotia, is having more than 20 years of vast experience in Direct Taxes. Considering the use of technology by Government departments, he said “If you think that compliance is Expensive, Try Non-Compliance”
During Covid period, because of some reason if one could not file a return, then this year the government has introduced a new concept to file Updated income tax returns wherein the tax rate is 50% higher but then this will avoid the penalty.
Under the New Amendment of Taxation there is a flat 30% Tax on income from crypto currency. The benefits to Start-ups are extended till 31.03.2023. For startups out of 10yrs the owner can choose 3 years for which no tax to be paid to the government.
CA Jakhotia added that the government is collecting all the income information from multiple sources. Hence with the power of Information Technology every information related to income, TDS, property is available in AIS. CA Jakhotia ji suggested to check Annual Information Statement (26AS) from Income tax website which covers all the high value transactions on a regular basis to avoid enormous mistakes and to take timely remedial measures for any discrepancy.
Sharing some important points about TDS, he said if the company has to deduct TDS for the case of tax-payer if the TDS percentage is X% then for the no-taxpayer, TDS deduction will be 2X% from this year. TDS should be paid on a regular basis if failed to do so government had implemented a new penalty clause that could be at a higher side.
As per new norms, any kind of gift or incentive in the cash or kind will be considered as income and hence TDS should be deducted.
If there is misreporting or under reporting of Income, then a penalty may go upto 78%.
In his talk, he insisted on timely filing of Income Tax Returns which will give benefits like, no late fee, advantage of loss carry forward, few deductions only if the return is filed within due date and early Income Tax Refund Benefit.
CA Jakhotia also told strictly to avoid cash transactions unless and until it is an emergency but up to 2 Lakhs only.
Further adding to his word, he beautifully explained the importance of Will by explaining various examples in detail.
Succession Planning is the process of identifying the critical positions within your organization & developing action plans to avoid critical situations. So an entrepreneur should pay attention to Succession planning.
Manisha Bawanker, Project Director, gave the opening remarks and also introduced the guest CA Naresh Jakhotia.
Poonam Lala, Chairperson of VIA-LEW welcomed the guest speaker with floral bouquet and momento.Further adding she shared the date of most awaited Exhibition UDYOJIKA to be held on 30th September to 3rd of October at Kusumtai Wankhede Hall. Also she appealed to the young entrepreneurs to attend the long awaited program on Pitching “Pitch Perfect”.This program will be held on 5th & 6th of July 2022.
VIA newly elected President Vishal Agrawal and Secretary Ashish Doshi also graced the program and VIA-LEW Chairperson congratulated them by giving a floral bouquet.
VIA LEW had given a chance to new lady entrepreneurs to introduce their business in every monthly program. This time 3 VIA-LEW members namely Neha Anmol from crumb cakes, Anjali Barahate having her Event Management company & Archana Agrawal from Citspray introduced their businesses to the audience.
Project Director Manisha Bawankar conducted the proceeding of the program. Rashmi Kulkarni, Secretary, VIA LEW proposed vote of thanks.
Prominently present were VIA LEW Executive members namely Prafullata Rode, Madhubala Singh, Chitra Parate, Vandana Sharma, Shachi Malik, Reeta Lanjewar, Indu Kshirsagar, Yogita Deshmukh, Poonam Gupta and Sania Ramchandani. The program was attended in large numbers by existing and aspiring entrepreneurs offline and also online on Zoom & facebook live.