|As in the past., the Fiscal Laws Committee conduted a Workship Union Budget - 2002. Both direct and indirect taxes were discussed. The Chairman Central Board of Direct Taxes and senior Government dignitaries attended the Workshop. The Committee also organised a Symposium on Union Budge. The Post Budget Memorandum -2002 was submitted to the Government . Earlier, the Committee had submitted its Pre-Budget Memorandum - 2002 to the Government. Many of the suggestions had been accepted and incorporated by the Government in the Finance Bill 2002. |
Then Finance Act 2001 introduced a new law relating to transfer pricing. The Central Board of Direct Taxes notified the rules for transfer pricing. The Government has substantially accepted many of the suggestions made by the Fiscal Laws Committee in this regard.
The Committee published the Guidance Note on Audit under section 115JB of the Income -tax Act, 1961. The Committee has published a Guidance Note on Report on International Transactions under Section 92E of the Income tax Act, 1961 (Transfer Pricing). The Committee also brought our two important publications relating to public charitable institutions. The first one was a Guidance Note on Audit of Public Charitable Institutions under the Income-tax Act and the second one was Taxation of Charitable Trusts and Institutions - A Study.
The Committee organised jointly with the Corporate Laws Committee an All India Conference on taxation and corporate laws in Indore. It also organised a two-day seminar on taxation and corporate laws at Jammu. It organised a one-day seminar on Value Added Tax at Pondichery. An All Kerala tax conference was organised at Kochi under auspices of the Committee, the Fiscal Laws Committee of the SIRC and Ernakulam Branch.
The Committee also submitted detailed suggestions on the draft rules for valuation of perquisties notified by the Government. Apart from this, the Committee submitted detailed suggestions for Central Direct Taxes Advisory Committee and also exchanged views with the In-house Committee on Depreciation and MAT provisions.