Published On : Fri, Sep 12th, 2014

Tax Audits essential to check revenue leakages for Government: CA Makrand Joshi

image003“The government is ensuring full compliances of rules and regulation prescribed in Income Tax Act, 1961 with respect to Tax Audits to check leakages in the tax system and it is the responsibility of professionals to carry out such assignments with full knowledge of all the provisions of the Act”, said CA Makrand Joshi, Past Chairman of Nagpur Branch of ICAI & former Regional Council member of WIRC while inaugurating ‘Seminar on Tax Audit under Income Tax Act, 1961’ as chief guest organized by Nagpur Branch of WICASA recently. The seminar was organized for ensuring that students and articled assistants understand the concepts of various provisions related to Tax Audits before actually conducting them. He further stated that it is necessary to be vigilant while undertaking these assignments especially with respect to recent changes made in the Tax Audit report. He advised that students should discuss about changes and the reason behind changes with their colleagues in office. In his address CA Joshi elaborated the importance of 3 years articleship that students undergo and the long term benefits derived out of such apprentice if taken in its right spirit. He also greeted the WICASA team for organizing these one day seminars on different subjects for the benefit of student community.

Earlier on this occasion CA Julfesh Shah, Vice Chairman of WIRC, briefed about the activities and representation being undertaken by WIRC. He informed the audience that ICAI had detailed discussion with CBDT Chairman requesting for detailed reasoning for the changes in form 3CD along with a request to extend the due dates of return filing. He also informed that a detailed guidance note on Tax Audit will be soon released by ICAI. Chairman of Nagpur Branch of ICAI, CA Ashwini Agrawal advocated the students to understand other allied tax laws in order to ensure effective and efficient conduct of audit under Income Tax Act. He also congratulated Nagpur WICASA for arranging the expert faculties in the field of Income Tax for the benefit of CA students.

In his welcome address, CA Umang Agrawal, Chairman of Nagpur Branch of WICASA, briefed the students about advised the students to be cheerful about the changing environment and accept them as a challenge and requested the students to take active part in activities organised by Nagpur WICASA.

In the first technical session CA Chaitanya Pathak spoke on ‘Audit Planning & Documentation’ while CA Amarjeet Singh Sandhu discussed the entire audit report with in depth explanation of each clause of the new audit report. In the second technical session CA Sachin Jajodia deliberated on the recent changes in Tax Audit Report along with procedure of e-filing of these reports on the government portal.

The program was effectively coordinated by Mr. Shiva Sharma. Mr. Mayank Baghrecha introduced the chief guest while Mr. Ritesh Bhojwani proposed a formal vote of thanks for the occasion. Ms. Tejasvini Maroo and Mr. Aayush Agrawal coordinated the 1st and 2nd Session respectively. Among the present were CA Swapnil Ghate and over 180 Chartered Accountancy students.