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    Published On : Sat, Mar 8th, 2014
    Business News | By Nagpur Today Nagpur News

    “Payment of statutory dues in time is must for smooth running of the business”- Kailash Jogani

     

    Sitting on the Dias from left to Right: Naresh Jakhotia, Kailash Jogani, Prafull Doshi, Mahendra Jain, Anand Dhoka & Kirti Agrawal.

    Sitting on the Dias from left to Right: Naresh Jakhotia, Kailash Jogani, Prafull Doshi, Mahendra Jain, Anand Dhoka & Kirti Agrawal.

    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. Mahendra Jain 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 taxpayer personally.  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. He also highlighted the various conclusions from the operation or non operation of lockers. Unwanted debit and credit balances should be examined before the yearend 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. Mahendra Jain, expert in VAT said smiling started by commenting “Verify your purchaser before purchasing any goods and check its TIN number with its validity”. On the date of transaction the registration certificate of dealer is live or not. 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 of 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 Prafull Doshi, President-VIA, Speaker CA. Mahendra Jain was welcomed by CA. Swapnil  Ghate and CA. Anand Dhoka was welcomed by CA. Kirti Agrawal. The workshop began with introductory remarks and welcome address by Prafull Doshi, President, VIA & CA. Kirti Agrawal, Vice Chairman, Nagpur Branch of ICAI. The programme was well conducted by CA. Naresh Jakhotia, Convener, VIA Tax & Corporate Law Forum & Akash Agrawal proposed a formal vote of Thanks.


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