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    Published On : Fri, Mar 15th, 2013
    Business News | By Nagpur Today samratnt

    Awareness Programme “Making March Meaningful” held at VIA

    Nagpur News: VIA Tax & Corporate Law Forum in association with the Nagpur Branch of WIRC of ICAI organised an awareness Programme “Making March Meaningful”. The speaker for the Programme were renown tax consultants of the city namely CA Kailash Jogani for Income Tax, CA. C.N. Rathi for Sales Tax & CA. Anand Dhoka for Excise & Service Tax.

     CA. Kailash Jogani specialist in Income Tax said precautions should be taken by everyone in regards to filing returns of Income Tax. Accounting is very important business tool and should be done regularly and not after year end, he emphasised. Bank accounts should be checked regularly as the unexplained cheque entry can have implication under the money laundering Act as well behind income tax @ 30% for such transactions. He explained the importance of timely Advance tax and made it clear that in time to come, non payment of advance tax could also be reason for scrutiny assessment. Inventory, the widely mismatched in the accounts books, should be checked and maintained regularly and more particularly Physical stock should be taken at the end of the year with the involvement of the assesee himself. Advance to sister concern should normally be interest bearing to avoid the taxability on notional basis. Payment of towards term loan & other facilities to bank should be done timely to avoid the disallowance u/s 43B. He has also covered all the implications of the new budget proposal and the way it will affect the property transactions. In respect of existing property deal, It is advisable to get the property sale deed executed at the earliest if the purchase price is lower than the Government Valuation as the difference may attract tax after the budget is passed. Unwanted debit and credit balances should be examined before the year end so as to have hassle free books closing as well unwanted consequences during scrutiny and other proceedings, he advised. Before accepting the loan, verify the creditworthiness and sources of the funds of lender to avoid unwanted additions in the income, he cautioned the Industrialist.

    CA. C. N. Rathi, expert in VAT said smiling started by commenting “Verify your purchaser before purchasing any goods and check its TIN number with its validity”. Check your vendor from the Hawala dealers list published by the Sales Tax Department, he cautioned strongly. All purchase should be with despatch proof to justify the genuineness, he advised the audience. He further advised the industrialist to check the registration certificate so as to evaluate if the new commodity is to be added in that certificate. For stock transfer, there is a reduction in credit from 2% to 4%, he informed the participants. As far as the period for which books of accounts are required to be kept, he shared that even though the records of 6 years are compulsory for income tax purpose, the same is required t be maintained for a period of 8 years are required to be kept for the purpose of VAT purposes. He also emphasized the effect of change in Rule 79(2) & 81(1) and the precaution industry should take while complying with the changing law. He appealed for timely filing of sales tax return by the dealer as the delay now attracts the penalty of Rs. 5,000/-. He also highlighted the features of composition schemes that is made applicable to the builders. The purchaser while obtaining Tax Invoice should also have the TIN of the seller to have the proper credit. Penalty for failure to apply for registration is equal the amount of Tax payable, he shared the law with the gathering.

    CA. Anand Dhoka, a renown tax consultant in Excise & service Tax categorically argued that the industry should get financial statements should be got scrutinized by indirect Tax Consultant apart from direct tax consultants. He insisted on the timely reconciliation of the Excise record/ service tax record with the financial record to avoid the unwanted consequences at a later date. He suggested the integration financial accounts with the excise/service tax records. of He also highlighted the reverse charge mechanism and expressed concern over the ever increasing scope of reverse charge mechanism. On input credit, he informed the audience that without payment also, the input credit can also be availed but the payments has to be done within a period of 90 days. He elaborated the Validity period in case of Stay Order and mentioned that the same is for a period of 180 days only.

    The programme was free and was attended by Industrialists, Businessmen, Accountants, Professionals & VIA Members.

    At the outset, the speaker CA Kailash Jogani was welcomed by Akash Agrawal, Hon. Secretary-VIA, Speaker CA. C.N. Rathi was welcomed by CA. Sandeep jotwani and CA. Anand Dhoka was welcomed by CA. P. C. Sarda. The workshop began with introductory remarks and welcome address by Akash Agrawal, Hon. Secretary, VIA & CA. Swapnil Agrawal, Vice Chairman, Nagpur Branch of ICAI. The programme was well conducted by CA.Naresh Jakhotia, Convener, VIA Tax & Corporate Law Forum. CA. Ashwini Agrawal proposed a formal vote of Thanks.

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