| The Direct Taxes Committee of ICAI organized a Workshop on Union Budget – 2008-09 on 20.03.2008 which was attended by Mr. Arbind Modi, Joint Secretary-(TPL-I), Mr. Ashutosh Dikshit , Joint Secretary (TPL – II), Mr. Pradeep Mahrotra, Director (TPL - I), Mr. Kamlesh Varshney, Director (TPL - II), Mr. Anand Kedia, Director (TPL – III & IV) of Central Board of Direct Taxes. The Hon’ble President & the Hon’ble Vice President graced the workshop by their august presence. Senior professionals and Senior Executives from the Industry also joined the Workshop. |
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| At the outset, CA. Ved Jain, President, ICAI welcomed the officials and observed that the Institute annually submits Pre-Budget and Post Budget Memorandum to the Government. He was happy to note that many of the suggestions were accepted by the Government and incorporated in the respective Finance Acts. Further, he said that the Institute’s views/ suggestions are always objective in nature. He observed that the Institute also gives its suggestions to the Government for increasing the tax base. In this context, he explained the importance of strengthening the Annual Information Return and widening the scope of its coverage. |
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| He further added that voluntary compliance by tax payers should be encouraged. He further explained the hardship experienced by the assessees on account of retrospective amendments. He suggested that legislative intention should be clarified without loosing much time immediately after the controversy arises for the first time. He offered that ICAI will endeavour to give inputs on such issues from time to time. |
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| CA. Mahesh P. Sarda, Chairman, Direct Taxes Committee and other senior members presented the suggestions of the Institute before the Ministry officials. Mr. Arbind Modi and other senior officials of CBDT added immense value to the Workshop and helped the Committee to understand the thought process involved and the rationale behind the proposed amendments in direct taxes. |
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| Regarding the issue of retrospective amendments,Mr. Arbind Modi, Joint Secretary (TPL-I),CBDT clarified that only the provisions relating to procedural law were amended retrospectively and not the substantive provisions. Here again, such retrospective amendments are made after taking care that the principles of natural justice are not violated. |
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| He further mentioned that the suggestions of the Institute would be taken care of appropriately. |
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| The meeting ended with vote of thanks to the dignitaries. |
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