Ludhiana News/Seminar on Union Budget 2014-15 and Wealth Tax Return held

Ludhiana, July 18, 2014: District Taxation Bar Association (Direct Taxes), Ludhiana organised a Seminar on Union Budget 2014-15 and Overview of Wealth Tax Return Format at ICAI Bhawan, Ludhiana. The seminar was presided over by Anup Jain, President and Sanjeev Bhandari, Secretary of the DTBA (DT) conducted the proceedings of the seminar.
Sanjay Agarwal, Central Council Member of The Institute of Chartered Accountants of India from New Delhi discussed in detail the amendments proposed by Union Budget 2014-15 and also he apprised the audience on the issue of Online Wealth Tax Return by individuals and companies covered under the provisions of Tax Audit under Income-tax Act, 1961. He discussed about Growth Oriented and Balanced Budget, No New Taxes, Assurance for not ordinarily bringing any change retrospectively which creates a fresh liability, Revival of infrastructure sector and SEZs for which substantial amount has been allocated, Opening up of new form of ventures namely, Real Estate Investment Trust (REIT) and Starting of Infrastructure Investment Trust.
Sanjay Agarwal also discussed that some unfulfilled expectations are still there like; Special Relief to debt ridden states and more relief to manufacturing sector by new schemes. He further pointed out that the Central Board of Direct Taxes (‘CBDT’) has notified Form Manner of filing return of net wealthby notifying the Wealth?tax (1st Amendment) Rules, 2014 vide Notification No. 32 dated 23/06/2014 and a New Form BB has been introduced instead of Form BA for Wealth Tax Return. He discussed in detail the provisions regarding imposition of Wealth Tax, Arriving at the Value of Wealth for the purpose of Wealth Tax Return, Calculation of Wealth Tax Liability and procedure for filling of online Wealth Tax Return.
Sanjeev Bhandari, Secretary in his address welcomed the dignitaries and shared with the audience, various initiatives proposed to be taken by the Bar Association, for the benefit of profession and the society by organising various Workshops, Programs and activities of social benefit like Tree Plantation and Blood Donation.
Amongst others, Study Circle Convener Advocate Hari Om Arora, Vice-President Sanjeev Jethi, Joint Secretary Vikas Sharma, Executive Members Sumir Gupta, Nitin Mahajan, Vardhman Jain, Media Convener Rajeev K. Sharma Sanjeev Sharma, Vikas Gupta, Pankaj Periwal, Arun Gupta and Rajinder Kapoor were also present.
Rajeev K. Sharma, told that the Association organises such informative and useful programs on practical issues of taxation on monthly basis besides the other activities of professional and social interest. He focused upon the fact that with the changing economic environment it is becoming very important for Chartered Accountants, Advocates and Income Tax Practitioners to get themselves abreast of latest changes in various laws so that they may well guide the clients. The programme was attended by Chartered Accountants, Advocates, ITPs and their Staff Members.