There have been many issues related to HUF amongst the professionals. To update the members about provisions related to HUF, Nagpur Branch has organized a VCM on Creation, Partition and taxation of HUF with CA Chandrashekhar Chitale, Central Council Member as the Expert Speaker.
“Technology has come to the help of all people in this pandemic” remarked CA Nihar Jambusaria, President of Institute of Chartered Accountants of India. Honourable president while addressing the members asked to take care of physical and mental health in this phase of pandemic. It is very important to take care of mental health as it affects the performance. CA Nihar updated the members about various initiatives taken by ICAI, New Delhi for continuous up gradation of knowledge and skill set of members. At times it was felt that technology would disrupt the activities of profession but CA’s have all overcome these hurdles and have grown to learn at a much faster pace. Artificial Intelligence, Block Chain and Data Analytics is being used everywhere for information extraction. Clients of Chartered Accountants can be served better with CA’s mastering the technology. CA Firms have been provided various tools for support in providing better services. The Institute of Chartered Accountants is working continuously to upgrade skills which can be gainfully utilized. President CA Nihar Jambusaria appreciated the efforts of Nagpur Branch Team led by CA Saket Bagdia, Chairman of Nagpur Branch for organizing innovative and knowledgeable sessions for the benefit of members.
“Continuous knowledge up gradation with technological advancements is the need of the hour for professionals” remarked CA Saket Bagdia, Chairman, Nagpur Branch of WIRC of ICAI. He welcomed Hon. President of ICAI CA Nihar Jambusaria and praised him for his initiatives for Professional development of members and organizing programs for updating the skill sets of members to prepare for facing the technological advancements. Bagdia remarked that this Technology has come to the help of professionals and members are getting benefitted. CA Saket thanked CCM CA C V Chitale for his effective deliberation of HUF creation, partition and taxation of HUF.
Learned Speaker, Central Council Member, CA Chandrashekhar Chitale, Chairman of Direct Taxes Committee effectively covered all provisions related to creation, partition and taxation of HUF. HUF is a separate entity for taxation under Section 2(31) of the Income Tax Act, 1961. CA Chitale effectively covered about why an HUF should be formed, benefits of HUF, disadvantages of HUF, composition of HUF, about responsibilities and duties of Karta, about Hindu succession act, about creation of HUF, about partial and complete partition of HUF, about intestate succession and about taxation of HUF. The concept of assets of an HUF was also discussed and its ownership and transfer were explained to the members. An important concept of Gifts by and to HUF was deliberated with examples to make the provision clear. Partnership provisions applicable for HUF were also discussed. It was a superb session with excellent explanation by learned speaker CCM CA C V Chitale. All queries of members were effectively resolved in the session. CA C V Chitale also explained initiatives taken by Direct Tax Committee for effectively putting forward the concerns of Tax Professionals and genera assesses.
The session was coordinated by CA Jitendra Saglani, Vice Chairman of the Branch and CA Akshay Gulhane, Treasurer. Vote of thanks was proposed by CA Sanjay M Agrawal, Secretary of Nagpur Branch. A large number of Chartered Accountants were benefitted by the deliberations in the seminar.