Indore (Madhya Pradesh): Senior chartered accountant Rajesh Mehta said that whenever a person files his income tax return, it is mandatory to give information of all his bank accounts. Hence it is very important to check with the Annual Information Statement (AIS) at the time of return filing. Any type of transaction or income which is reflected in AIS must be included in the return. Along with this, the details of sale and purchase of property, any type of gift etc. should be given in the return.
Mehta was addressing a seminar organised for chartered accountancy students at CA Bhawan on Saturday. The subject of the seminar was 'Tax, drafting and office behaviour'.
Addressing the keynote speaker Mehta said that there are many such cases where there is a difference between turnover in the GST and income tax returns, and in such cases the turnover should be shown correctly. He also said that according to section 44AD and 44ADA of Income Tax Act, if the turnover of a businessman is up to Rs 2 crores and that of a professional is up to Rs 50 lakhs, then he can file his return under the Presumptive Taxation Scheme.
This year the last date for filing income tax return is 31 July 2022 and in case of audit, the last date for filing return is 31 October 2022.
SICASA chairman Swarnim Gupta said in the welcome address that the city branch of SICASA is constantly organising programmes for all-round development of the students, and the college life that the students miss during their studies as CA students is fulfilled by the programmes organised by SICASA. Through team management, leadership and extracurricular activities, students can do good work in their career.
Anand Jain, chairman of CA Indore Branch, said that every CA student should keep themselves away from all the distractions that come during their studies.
Another speaker Ayushman Khasgiwala informs about the office etiquette and what precautions should be taken before drafting any legal document. He said that the first impression of a person comes from his clothes. Costumes are prescribed for every occasion, simple clothes should be worn in the office.
Mausam Rathi and CA students were present in the programme.
