PTBA and other associations held meeting on IT System
Author(s): Ludhiana News Desk @ city air newsA meeting of PTBA and other associations on IT System being held at Ludhiana on Friday. Ludhiana, November 14, 2014: Punjab Tax Bar Association (PTBA) & other leading Industrial Trade Associations...
Ludhiana, November 14, 2014: Punjab Tax Bar Association (PTBA) & other leading Industrial Trade Associations of Ludhiana held a meeting on the subject of Income Taxation System prevailing in India. Girish Ahuja a noted Income Tax expert and author of more than 26 Income Tax books highlighted the latest notifications, circulars, amendments and “Income Tax Planning Measures” in the light of current judgments pronounced by the Tribunals, High Courts & Supreme Court of India.
According to Ashok Kumar Juneja president & B.R. Kaushal, Secretary General (PTBA) the main topics highlighted by Ahuja were “gifts from relatives & others (section 56) & Income from undisclosed sources” (Section 68-69 & 115 BBE) of Income Tax Act 1961.
Juneja & Kaushal suggested that number of taxes in the country should be reduced to Income Tax, Service Tax. Vat & Banking Transaction Tax (BTT) and tax rates be brought down to 25% of Income since in so many progressive countries Income Tax ranges from 5.20% to 20% on income.
Juneja who is also convener of Economic Cell (BJP) Punjab had already conveyed Jaitley that whenever tax rate are curtailed in India the revenue of Central Govt has always gone up. Girish Ahuja replied that “Dual GST system” at Central & state level is under consideration of respective governments in which number of taxes apart from “Custom” are likely to come down to three or four kinds. Balbir Khanna, President, Taxation Bar Association Ludhiana &Tarlok Bhalla, Joint Secretary (PTBA) raised the issue of receipt of sum of money, aggregate value of which exceeds fifty thousand rupees without consideration by an individual from spouse, brother or sister, brother or sister of the spouse, brother or sister of the either of the parents of the individual, any lineal ascendant or descendant of this spouse of the individual or spouse of these persons. Girish said that these gifts are not taxable and suggested cautions in such type of transactions.
H.S. Ghai, Khanna and Tarlok Bhalla, Joint Secretaries (PTBA) said that Income Tax assesse & revenue can be increased if rigid laws & wide discretionary powers under the Act are reduced & curtailed down.
Raj Paul Gupta & Ajay Chaudhary, Sr. Vice President & Vice Presidents (PTBA) respectively asked that which cash credits are subject to tax for which Girish said that where any sum is found credited in the books of an assesse and the assesse offers no explanation about the nature & source thereof or the explanation offered by him is not in the opinion of Assessing Officer is satisfactory the sum so credited may be charged to Income Tax @ 30% of the sum credited therein.
Rupinder Kansal (Moga), Secretary, also discussed the tax planning modes in the said meeting.
In the meeting Harish Rai Dhanda, former chief parliamentary secretary & patron, Indersain Sharma, Finance Secretary (PTBA), Joint Aman Kumar Deora, Advocate, Rajnish Ahuja, President Focal Points Association, Inderjit Singh Sohal, President Punjab Plywood Manufacturers Association (PPMA), Vishal Juneja, General Secretary (PPMA), Manjit Singh Sohal (Exective Member) PPMA, Sanjay Dudeja, Balwinder Singh Jung, Advocates & Sushil Goel, Madan Goel & Vasu (King Exports) also expressed their views.
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Date:
Friday, November 14, 2014