Ratlam: Provisions of the 'Union Budget-2021' were discussed in a joint meeting organised by the Kar Salahkar Parishad (KSP) and Ratlam branch of The Institute of Chartered Accountants of India (ICAI) in Ratlam on Sunday.
Chief speakers were CA Pankaj Shah and CA Kirti Joshi, both from Indore.
Discussing the provision of Finance Bill 2021 related to the Income-tax Act, CA Pankaj Shah said that the positive side of the Union finance minister’s budget efforts included no increase in the tax burden. But the proposal of making proceedings of the Income Tax Appellate Tribunal (ITAT) faceless should be withdrawn as ITAT has got a judiciary role and therefore its proceedings instead may be made virtual.
Likewise, he said that Income-tax Settlement Commission should not have been abolished. He said that there is a need of giving further stability to the existing provisions of the Income-tax Act, 1961 which has not only completed 60 years of existence but has also seen a very large number of amendments every year.
CA Shah also discussed various provisions and effects of the proposed amendments in the IT Act, 1961. He feared that some of the proposed amendments will lead to an increase in the litigations.
Speaking on the Union budget - 2021 CA Kirti Joshi said that increase in the capital expenditure on the infrastructure will support growth in the economy. He said that custom duty has been reduced on the raw material while on the finished goods it has been increased which will help in building the Make in India concept. CA Joshi highlighted the amendments in the GST and said that compliances have been increased in the GST structure and will pose difficulties before small traders. He said that in the last four years period, more than 500 amendments have been made in GST.
At the beginning of the program, KSP President Manoj Jain (Kanthed) and President ICAI Ratlam branch Amit Vacchani welcomed speakers. Program was conducted by Rajneesh Jain and Neelam Dhammani. At the end of the programme KSP Secretary Anchal Moonat gave a vote of thanks.
