Business Standard Smart Business organised an ‘Income Tax Seminar on Recent Changes in Income Tax and e-Assessment’ on Saturday at the Saturday Club, Kolkata jointly with Concern for Calcutta, Calcutta Citizens’ Initiative, and Rajasthan-Bengal Maitri Parishad.
Inaugurating the Seminar was RS Upadhyay, Chief Commissioner of Income Tax - 2, Calcutta said that the tax system has considerably changed to minimise problems of taxpayers. Due to a faceless assessment, one need not appear before the A.O.
NK Poddar, Senior Advocate elaborated on the lower tax rates for domestic companies. However, he felt that in case of a company having a considerable claim of MAT credit, the option of 22 per cent tax may not be beneficial. Shishir Bajoria, the industrialist, felt that difficulties in e-Assessments will be sorted out by the Government soon.
Eminent Income Tax Advocate Narayan Jain said that in first phase 58322 cases for the assessment year 2018-19 have been selected for e-Assessment and notices have been sent by 30th Sept 2019. Taxpayers should make proper compliance. On the pattern of domestic companies, the Government should also offer relief to individual income taxpayers, Jain demanded. It will help in promoting consumer demand.
TB Chatterjee explained the benefits of e-Assessment and CA RR Modi pointed out the difficulties in faceless assessments.
KS Adhikari, President welcomed all and briefed about the activities of Concern for Calcutta. Ashok Purohit thanked everyone. Tamal Ghosh, eminent journalist; Madhav Sureka, President, Calcutta Chamber of Commerce; Samir Dutt; CA Nilima Joshi; Pawan Paharia; Seema Sonthalia; BL Dugar; SR Singhvi and K.C. Jain actively helped.