Leading trade associations of the region – Steel & Hardware Chamber of Vidarbha (SHCV), Hardware Dealers Association (HAD), The Nagpur Timber Merchants Association (NTMA), and Vidarbha Plywood Merchants Association (VPMA) jointly organized an informative and interactive seminar on the Income Tax Act, 2025.
The keynote speaker for the seminar was renowned Chartered Accountant, CA Naresh Jakhotia, Partner at M/s SSRPN & Co.
Gold Rate
May 04- 2026 - Time 10.30Hrs
Dr. Dipen Agrawal, President of the Chamber of Associations of Maharashtra Industry and Trade (CAMIT); Yogesh Bang, President of the All Bharat Plywood & Laminate Trade Association (ABPLTA); and Umesh Patel, Vice President of the Nag Vidarbha Chamber of Commerce (NVCC), graced the occasion as Guests of Honour.
While addressing the gathering, Dr. Dipen Agrawal appreciated the joint initiative taken by all four trade associations. He emphasized that such seminars play a crucial role in keeping members well-informed and updated with the latest rules and regulations.
At the outset, Sanjay Agrawal (President, SHCV), Hitesh Lad (President, HAD), Dinesh Patel (President, NTMA), and Anil Sarda (President, VPMA) felicitated CA Naresh Jakhotia with a shawl, shriphal, bouquet, and memento.
In his opening remarks, CA Naresh Jakhotia stated, “In today’s dynamic tax environment, continuous learning and compliance are no longer optional but essential for business survival.”
He elaborated that the Income Tax Act, 2025 represents a comprehensive overhaul of the existing law, replacing a 64-year-old legislation with a more streamlined and consolidated framework. The new Act reduces the number of sections, rules, provisos, and explanations, thereby improving clarity and usability.
He discussed key structural changes, including the introduction of the concept of a “Tax Year,” consolidation of Tax Deduction at Source (TDS) provisions, rationalization of forms, and the replacement of penalties with fee-based compliance mechanisms. He also clarified that the old tax regime continues and has been made more attractive through enhanced deductions and allowances for salaried taxpayers.
Drawing from real-life cases, CA Jakhotia highlighted how even minor non-compliance for instance, an amount of Rs. 2 lakhs can escalate into tax demands ranging between Rs. 60 to 80 lakhs, underscoring that tax liabilities often arise not just from income but from ignorance and negligence.
Emphasizing precautionary measures, he advised the business community to maintain robust documentation, regularly update contact details, adhere strictly to compliance timelines, and ensure proper TDS practices to avoid penalties and prosecution. He cautioned that the Income Tax Department is now highly technology-driven, leveraging data analytics, satellite imagery, financial intelligence inputs, and third-party data such as banking transactions, foreign travel, and high-value expenditures, leaving minimal scope for concealment.
The session also covered key triggers for scrutiny, including cash transactions, property dealings, TDS defaults, and mismatches in reported income. On tax planning, he shared practical strategies such as optimal income structuring, use of exemptions like PPF and capital gains planning, timing of transactions, and effective use of gifting and wills.
Concluding his address, CA Jakhotia emphasized that two taxpayers with identical incomes can have significantly different tax liabilities depending on their planning and compliance strategies. He noted that in today’s environment, success belongs not to those who know everything, but to those who continuously update themselves.
Prominent members present included Dinesh Agrawal, Suryakant Agrawal, Manish Jejani, Rajinder Singh Kalsi, Harish Kukumani, Mukund Patel, Rajesh Patel, Shyam Sadani, Dhirubhai Patel, Shantibhai Patel, Vinod Patel, Prakash Agrawal, Mahesh Agrawal, Manoj Pachisia, Shiv Agrawal, Ashok Khetan, Uneet Goyal, Nilesh Agrawal, Nitin Jain, Harish Bagdi, Krishna Rathi, Ishwar Agrawal, Jatin Bhayani along with a large number of members from all four associations.
Natwar Patel (Secretary, NTMA) compered the seminar, Mukul Agrawal (Secretary, SHCV) introduced the keynote speaker, and Anil Sarda (President, VPMA) delivered the vote of thanks.
This information has been issued through a joint press release by the Steel & Hardware Chamber of Vidarbha.
