Nagpur: The Nagpur Branch of WIRC of ICAI recently organized a seminar on Finance Bill 2022 wherein the two most coveted speakers of national repute CA Adv Kapil Goel and CA Rajender Arora deliberated impressively on the areas of direct and indirect tax provisions.
CA Kailash Jogani, Past Chairman, Nagpur Branch of ICAI while addressing the programme as Chief Guest said that the Chartered Accountants are backbone of the economy and facilitator in compliance of various tax laws. It is important for CAs to educate and create an awareness about laws and procedures to the assessees. He further exclaimed that both the learned speakers are extremely well read and have good in-depth knowledge and hence they would be able to aptly answer to the queries of the participants. He urged that the members should take optimum benefit of the knowledge of speakers and resolve their doubts to the fullest.
CA Jitendra Saglani, the newly elected chairperson of the Nagpur Branch, in his maiden address welcomed the members and stated that the Finance Minister in her Budget 2022 speech presented on February 1, 2022, parted with very little information about the various amendments in the direct and indirect tax laws, however there were numerous changes & amendments when professionals referred the fine print. These amendments were required to be understood properly and interpreted in its true sense and hence this seminar would be very instrumental for participants. He further apprised about forthcoming programs being planned for members and students by the new committee. He welcomed the very renowned speakers, CA Adv. Kapil Goel and CA Rajender Arora both from New Delhi to deliberate on Direct and Indirect Tax provisions respectively.
CA Abhijit Kelkar, Regional Council Member in his brief remarks congratulated the branch managing committee for their first programme after assuming charge and conveyed his best wishes and encouragement to the team for organising various academic and non-academic programmes for the benefit of the members and students at large. He stated the new team is very energetic and will keep no stone unturned by organising various member and student centric activities and events.
CA Adv. Kapil Goel from New Delhi deliberated upon changes proposed in Direct Taxes. With rising compliance procedures in TDS, he remarked that the Government has settled issues regarding taxation of virtual digital assets i.e. crypto currency. He said that to reduce repeated litigation between taxpayers and the IT department, the FM has proposed that where the question of law is identical to one pending in either the Supreme Court or any of the High Courts, the filing of appeal by the department shall be deferred till such question of law is settled by the court which is a welcome change. CA Goel covered examples of allowability of expenditure relating to offences / prohibited activities u/s 37(1).
CA Rajender Arora initiated his deliberation by stating that, with the GST Council meeting every month and deciding on various GST changes, not much was left for FM in the Budget. However, few very important changes have been proposed in Indirect Taxes specifically GST remarked, CA Arora. These included confirming interest payment on net amount instead of gross amount, extension of due date for claiming credits for the previous year from 30th September to 30th November. Return for next period cannot be filed unless return for previous period has been uploaded, he clarified. CA. Arora cautioned about improper availment of ITC and advised that proper credit should only be claimed to avoid litigations in future.
CA Ajay R. Vaswani, Managing Committee Member, very effectively coordinated the inaugural session and CA Akshay Gulhane, Secretary proposed a formal vote of thanks. CA Sanjay C. Agrawal and CA Swaroopa Wazalwar, Managing Committee Members, coordinated the technical sessions. Prominently present on the occasion were CA Dinesh Rathi, Treasurer, CA Deepak Jethwani, WICASA Chairperson, CA Trupti Bhattad, Managing Committee Member, CA Saket Bagdia, Immediate Past Chairperson, CA Satish Sarda, CA Sweety Jain, CA Sachin Jajodia, CA Jethalal Rukhiyana, CA Saurabh Puniyani and around 100 Chartered Accountants.
