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    Published On : Wed, Dec 16th, 2020
    Business News | By Nagpur Today Nagpur News

    Income Tax Department relies on Tax Audit Reports of CAs’ to great extent – CA Ankur Gargh, Pr. CIT, Income Tax

    Recently Nagpur Branch of WIRC of ICAI, successfully hosted Virtual CPE Webinar on “Audit under Income Tax Act & ICDS”. Nagpur Branch of ICAI, continuing with its commitment to serve the cause of profession, continuously is organising webinars of due relevance for members. With this in mind and to enable members to update their knowledge bases in view of the crucial deadline to follow for getting Income Tax Audits done in time, Nagpur Branch organized webinar.

    CA. Ankur Garg, Hon. Pr. CIT, Chief Guest, Nagpur, graced the Webinar as Chief Guest and congratulated the efforts of the Nagpur Branch in the matter of serving the fraternity under the able leadership of CA. Kirit Kalyani. He shared his rich experience in the matter of subject under consideration. He shared some practical experiences in his professional life and guided the members attending the webinar, very effectively.

    CA. Ankur Garg, Hon. Pr. CIT, conveyed that COVID has brought a very dynamic change in the lives of all. Right from students getting accustomed to new normal being the virtual classes to the clients, to counsel and the department, as well, are planning to make this new normal being effectively explored. Provision for a very dynamic mode of assessment being the Faceless Mode of assessments, appeals, etc. is being implemented at the earliest juncture possible, because of important reasons including ensuring transparency, reducing pendency of cases, and COVID 19, he added. He appealed to the members present to exercise all caution in the matter of finalizing Audit Reports, because of the fact that the department relies to a great extent on the audit report, in the matter of ensuring the correct disposal of tax liability by assesses. He added that the department enjoys an edge in the matter of having relevant and important information for cross confirmation. Such information includes reporting by Registrar of Properties, Banks, etc. because of which the same gets reflected in Form 26AS, he conveyed. This needs to be kept in mind by all concerned to dispose off the tax liability properly and play important role in Nation Building, he added.

    CA. Kirit N. Kalyani, Chairman of Nagpur Branch, in his welcome address spoke about the need of the webinar and the role of Nagpur Branch towards member updation. He also recognized the presence and commitment for the cause of the profession and welcomed the Chief Guest CA. Ankur Garg, Hon. Pr. CIT, Nagpur & both the speakers being CA. Avinash Rawani, Mumbai and CA. Yash Verma, Nagpur. He further welcomed the members participating in large numbers and urged them to get doubts cleared in the Q & A session after the deliberations.

    CA Kirit N. Kalyani, was happy to share satisfying feelings on the basis of past webinars and feedbacks of members. He added that, efforts of Nagpur Branch is being duly realised by members and that is the most satisfying aspect in the matter of serving the fraternity. He extended special thanks to both the Speakers of Session. He briefed about the future planned ventures of Nagpur Branch. He concluded by extending sincere wishes for having joyous and fruitful sessions in the webinar.

    In the first technical session, CA. Avinash Rawani, from Mumbai, guided the member with respect to clauses of Form 3CD. He effectively guided and helped members understand the logic and importance of reporting through the Audit Report. He added to his words of deliberation, history of Tax Audit , and revision from time to time in the Provisions of Section 44AB of the Income Tax Act. Other burning issues including reporting with respect to dealing in capital assets, defaults in compliance with TDS and TCS Provisions, etc. were effectively deliberated by him. He successfully resolved the issues of members present, for the subject under consideration.

    In the second technical session, CA. Yash Verma, Nagpur guided the member on ICDS issues. ICDS is applicable to all assesses having ‘Income under the head Business or Profession’ or ‘Income under the head Other Sources’ and following mercantile/accrual system of accounting, he conveyed. Provisions as regards the same with respect to Accounting Policies, Valuation of Inventories, Construction Contracts, Revenue Recognition, etc. were effectively deliberated and discussed by the resource person. His knowledge of the subject was evident in the deliberation. He successfully resolved the issues of members present.

    CA. Akshay Gulhane, WICASA Chairman co-ordinated the programme and proposed a formal vote of thanks.

    Prominently present on the occasion were CA. Jiten Saglani, Secretary, CA Aparna Shankaran, CA. Pratik Palan, CA. Damodar Sarda, CA Ramavtar Toshniwal and around 250 members.

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