Indore (Madhya Pradesh): Mayor Pushyamitra Bhargav said that chartered accountants are not only financial auditors but also social auditors. The contribution of CA members in making the city clean and in other works has been commendable, and their role is going to be crucial to develop the city into a green, smart financial city.
Mayor Bhargav said it while addressing as chief guest in the inauguration of 2-day national conference on direct taxes at CA Branch on Friday. He said that the city, which has come as number one in cleanliness five times, requires the right balance between revenue and expenditure, and CAs keep giving their opinion in this from time to time.
Anand Jain, chairman of CA Indore Branch said that this time the government has done a very good job by not extending the dates of return filing. ICAI had already decided that no representation will be made for extension of date.
CV Chitale, chairman of the Direct Tax Committee, said that after the filing of ITR, now the time has come for audit. Nowadays the audit has become a forensic audit, not just a normal audit. Along with taxes, reporting of other laws and regulations is also done. It takes at least 4 to 5 days to audit a small taxpayer and the CA will have to spend more time in preparing the information sought in the audit, due to which the additional burden of professional fees will fall on the taxpayer.
Kapil Goel, an advocate of the Supreme Court, said that the job of the court is to interpret the law and not to make a law, but the kind of judgments that are coming, it seems that the court is making the law. He also said that the manner in which notices are being issued under Section 148 of Income Tax Act, it has become one of the cruellest sections of income tax. Due to this section an environment similar to that of tax terrorism has been created among the taxpayers.
Ashish Goyal spoke on the subject of capital gains. He said that the farmers have the illusion that income tax is not levied on any income of the farmers, which is not true. If a farmer has sold a house or has sold jewellery or has sold agricultural land which is in an urban area, then he is also liable to pay capital gains tax.
Many senior members including Regional Council member Kirti Joshi, Atishay Khasgiwala, Mausam Rathi, Amitesh Jain, Swarnim Gupta and Manoj Phadnis, attended the conference.