Demonetization is changing the mindset of the people … Loya
CA Rajesh Loya, Past Chairman of the Nagpur Branch of WIRC of ICAI, an expert speaker conducted a program on “Demonetization & Income Tax Act” organized by VIA Taxation & Corporate Law Forum at VIA.
While enlightening the audience, there may be Section in the Income Tax Return for assessment year 2017-18 to provide information related to cash in hand as on 8th Nov 2016 and how you have deposited in Bank, he opined. Before demonetization the spending power was dependent on easy money and non tax paid money, he said in a lighter note. Now on with the tax paid money people will have pinch before spending. He highlighted the multi dimensional aspect of demonetization and the entire gamete of Income Tax. He also covered varied issues that will emerge from the end of the assessing officer after the end of the scheme. He cautioned taxpayer not to indulge in any kind of malpractices and misdeeds. He covered in detail the prevailing scenario & the consequences of each and every move of the taxpayer.
Going further, he has covered the economic impact of the demonetization move. The programme was followed by long question and answer session wherein detailed opinion was expressed by CA Loya. He also covered the latest amendment in Income Tax Act and the scheme of Pradhan Mantri Garib Kalyan Yojna (PMGKY). He explained about scheme in details & mentioned it as a sort of disclosure scheme, except that the tax rate is higher at 50 per cent and a quarter of the declared income would be locked in for four years. The government’s new scheme on declaration of black money comes even as the deadline for paying first tax installment under the Income Declaration Scheme (IDS)— pitched as a “last chance” for those having black money to come clean — is yet to come to a close.
Earlier, Mr Sachin Jajodia, Convener, VIA Taxation & Corporate Law Forum introduced the speaker and also conducted the proceedings. Mr Prafull Doshi, IPP – VIA welcomed CA Rajesh Loya with floral bouquet. Mr Ashok Chandak, Chairman, VIA Taxation & Corporate Law Forum made an opening remark and said on Demonetization that after deposit what will happen various tax laws like Central Excise, VAT, in addition to Income Tax and there will be accounting issues also. Mr Suresh Rathi, Vice President – VIA gave his welcome address and said people and industrialist asking queries and its corrective measures to be taken. Prafull Doshi, said businessmen talking about our businesses are not running smoothly and we are the ultimate sufferer. Mr Naresh Jakhotia, Jt. Secretary – VIA, summed up the program and also proposed a vote of thanks. Mr Swapnil Ghate, Chairman of the Nagpur Branch of WIRC of ICAI presented memento to the guest speaker.
Prominently present were Mr Pankaj Bakshi, Jt Secretary – VIA, Mr Om Jajodia, Chairman – VIA Agro & Rural Development Forum, Mr Saket Bagdia, Convener of VIA Economy & Finance Forum, Mr Akash Agrawal, Chairman- Entrepreneurship Forum, Mrs Shilpa Agrawal, Chairperson – Marketing Forum and Industrialists, professional, accountants, largely attended the program.