LUDHIANA BRANCH of ICAI organises seminar on Union Budget

Ludhiana, March 3, 2013: A seminar on Union Budget (2013-14) was organised by Ludhiana Branch of Institute of Chartered Accountants of India at KVM Auditorium on Sunday, in which more than 500 Chartered Accountants from Ludhiana and adjoining areas participated.

H.S. Rawal, Deputy General Manager of Union Bank of India, Regional Office was the Guest of Honour on the occasion.

The newly elected team of Ludhiana Branch Rajesh Jain, Rachit Bhandari, Dinesh Sharma,  Vikas Giya, Rohit Goyal, Amanjot Kaur, Shalini Gupta and Hitesh Goyal were also honoured on the occasion.

Amongst others, Vishal Garg, Rajeev K.  Sharma, Arun Rattan, Hukminder Sahi, Rachit Bhandari and Vikas Giya were also present.

On the Income Tax proposals made in the Union Budget, renowned expert CA Dr. Girish Ahuja said tax on distribution of Dividends on DEBT Mutual Funds has been increased to around 28 % from around 16% that will have to be borne by the investors, now it will be required for the assessee to pay income tax along with the return of income tax. Previously interest and tax could be deposited even after filling the return and the return remained valid. BUT now if tax is not paid along with the return, the return shall be defective return. The major blow shall be to the taxpayer who wants to carry forward the loss which cannot be carried forward in case of defective return.

In his address Ashok Batra, gave a talk on changes in service tax proposed and enacted by Union Budget (2013-14). He said service tax on air conditioned restaurants will be burdensome for common public and food stuff will be costlier by 4.09% at least, service tax has been imposed even on mess, canteens, food shops in malls etc. and all eating places which are air conditioned, service tax proposed on transportation of Petro products will go to increase the price of and related products, services by way of vehicle parking to general public will not attract service tax. Similarly previously renting of property by an educational institutions was exempt and now it shall be taxable. A Person who does not deposit the service tax even after collecting from the consumer can be put in jail for 7 years. Voluntary compliance encouragement scheme of service tax is a welcome step.

Sanjay Aggarwal, Central Council Member of the ICAI discussed the proposed suggestions in the post budget memorandum and initiatives being taken by Direct and Indirect Taxes Committee of Institute of Chartered Accountants of India  for the better compliance of tax legislations of India.