PR No – 171
8th October, 2024
New Delhi
Embracing Change: Simplifying Taxation for a Brighter Future” Said Mr. HSB Gill, Member – TPS & systems CBDT, Chief Guest at Direct Tax Conclave organized by PHDCCI on while addressing the august gathering
The Direct tax Committee of PHDCCI organised the Direct Tax Conclave 2024 recently at PHD House, New Delhi
The Inaugural & Technical sessions were graced by
Mr. HSB Gill, Member – TPS & systems CBDT, Chief Guest, Ms. Annapurna Gupta, Accountant Member, ITAT, Guest of Honour, Mr. M Balaganesh, Accountant Member, ITAT, Guest of Honour, Mr. Alok B Shriram, Former President, PHDCCI & Senior Managing Director & CEO, DCM Shriram Industries Ltd, Mr. Sanjay Bhatia, Former President, PHDCCI & Managing Director- Hindustan Tin Works Ltd, Mr. Gopal Jiwarajaka, Former President, PHDCCI & CMD Salora International Ltd, Mr. Ajay Wadhwa, Advocate, President, ITAT BAR ASSOCIATION, Delhi, Mr. Mukul Bagla, Chair, Dr. Rakesh Gupta, Co- Chair, Ms. Pallavi Dinodia, Co-Chair, Mr. Anant Bhatia, Co-Chair, Direct Tax Committee PHDCCI, Mr. Rohit Jain, Tax Head, OYO, Ms. Divya Mittal, DGM, Head-Direct Tax, Maruti Suzuki India Ltd. Mr. Gagan Kumar, Settlor, Krishnomics Legal, Mr. Rohit Jain, Partner at Vaish Associates, Mr. Harpreet Singh Ajmani, Partner at AZB & Partners
Mr. HSB Gill, Member TPS & Systems, CBDT while addressing to the gathering emphasized on changes made in system of prosecution and said that ministry has come up with revised guidelines which are quite liberal in the process. He said that the department is in the process of simplification of Indian Tax Act which is coming up in the next few months. He said that they are also in the process of rewriting and re-evaluating rules based upon which the CPC is operating. He also talked about the moving from in-person appeals to the faceless appeals. He ensured that positive changes are coming. He gave his best wishes to PHDCCI for the Successful Conclave and appreciated the work done by PHDCCI
Ms. Annapurna Gupta, Accountant Member, ITAT, Guest of Honour in her address at PHDCCI’s Direct Tax Conclave 2024 emphasised that our tax laws need to be simpler and more efficient. She emphasised that when issues remain unresolved for over a decade, the original purpose gets lost. She mentioned that streamlined processes and timely actions are essential for fairness and aligning tax collection with the true spirit of compliance.
Mr. Alok B Shriram, Former President, PHDCCI & Senior Managing Director & CEO, DCM Shriram Industries Ltd., in his welcome remarks appreciated the Government for undertaking the proactive and fast track initiatives. He highlighted the government’s consistent endeavour to simplify taxation, improve taxpayer services, and reduce litigation and at the same time have made effective laws for mitigating tax evasion.
Mr. Sanjay Bhatia, Former President PHDCCI & Managing Director- Hindustan Tin Works Ltd, highlighted need to simply the tax system. He also discussed the amendment in Section 43B (h) regarding payment to SMEs by giving practical aspects from MSME sector. Despite some challenges he appreciated the amendment and time limit of payment and emphasised the need of effectively enforcement of Section 43B of the Income Tax Act, 1961. He emphasised the need for social security and suggested that rebate be allowed for health insurance and education expenses.
Mr. Gopal Jiwarajaka, Former President PHDCCI & CMD Salora International Ltd, emphasized that we should make laws in such a way that there is very less scope of litigation. We should focus on what needs to be done and change the mindset of tax payers and Government then only we can make a Viksit Bharat. He also said that when any Cess is imposed for any specific purpose then that should be removed when the purpose of the same is completed.
Mr. Mukul Bagla, Chair, Direct Tax Committee PHDCCI briefed that not many orders have been passed after faceless appeals were introduced So some mechanism should be made for faster disposal of appeal or in the alternative, an option should be given to the Assesse in respect of high pitched-assessments that they can opt for physical appeals. He highlighted the errors and omissions in the processing of income tax returns by CPC and how the errors once made were very difficult to rectify. He said that we are extremely happy with the way the Department is functioning and also highlighted that the tax rates have been moderated to a large extent. While concluding he thanked the Chief Guest and the Guest of Honour and all the eminent tax experts.
Dr. Rakesh Gupta, Co- Chair, Direct Tax Committee, PHDCCI talked about faceless assessment system and litigation and talked about ITAT. While moderating the panel he proposed to make the system more efficient and thanked the guest of the session for his deliberations and presence. He gave an interesting deliberation on legal issues relating to capital gain transactions.
Ms Pallavi Dinodia Gupta, Co-Chair, Direct Tax Committee PHDCCI briefly highlighted the revised tax, increased deductions and exemptions for salaried employees and pensioners, and abolition of the angel tax etc designed to foster economic growth and simplify the tax system and also support innovation. She said that this revised tax structure not only aims to simplify the tax regime but also to offer considerable relief to salaried employees and individuals and pensioners, enhancing their disposable income and contributing to overall economic well-being of the country.
Mr. Anant Bhatia Co-Chair, Direct Tax Committee PHDCCI in his address said that the whole paradigm has changed as compared to previous years. There is a lot more information and data points available to the department. There are more formal interaction and confidence-building measures that have been put in place between the department and the taxpayers. He said we all look forward to the Direct Tax Code Bill coming in, and also overhauling the Act for us.
Mr. Sanjeev Gupta, Managing Director, NEXGEN Financial Solutions Pvt Ltd has given the presentation on Gift City. He said that the Gift city is the International Financial Hub with World class Infrastructure. Gift City provide Tax Incentives and streamlined regulatory environment to the businesses. Its focuses on job creation and skill development in the field of Finance and Technology Sector. He explained the two domestic zones of Gift City and the Deductions in respect of certain incomes of Offshore Banking Units and International Financial Services Centre (IFSC). He emphasized the need to ease the taxation system in order to bring more business to India.
Mr Ajay Wadhwa, Advocate, President, ITAT BAR Association, Delhi spoke about the past, present and future of tax prosecution and ITAT. He explained about the system, faceless system, issues and with digitalisation how things are moving fast with transparency and future will be even more systematic and prompt.
Mr. Rohit Jain, Tax Head, OYO, said Taxation plays a crucial role in the lifecycle of a startup, impacting profitability, compliance, and overall growth. He emphasised that digital business is different with traditional business.
Ms. Divya Mittal, Deputy General Manager, Head-Direct Tax, Maruti Suzuki India Ltd. She emphasized the need to figure out ways to reduce litigation. She suggested that we need to bring in certain level of incentives for the manufacturing sector. Reason being we are a developing economy and we are struggling with technology, the access to advanced technology. She said, if we are not able to give some incentives to the manufacturing industry, then we will not have that global competitive advantage that we ought to have at this struggling phase.
Mr. GAGAN KUMAR, Advocate, Krishnomics Legal talked about prosecution in respect of late deposit of TDS.
Mr. Rohit Jain, Partner, Vaish Associates explained about the First Appellate Authority(ies) under Income Tax. He also explained the Time limit for filing appeal – Section 249 and condonation of delay. He described the Procedure in Appeal – Section 250 and Faceless Appeal Scheme, 2021 – Section 250(6B)/ (6C) and Pendency etc.
Mr. Harpreet Singh Ajmani, Partner, AZB & Partners explained about Taxation of Virtual Digital Assets including Taxation of crypto Currency. He Clarified the aspects of deduction of tax at source under section 194S of the Act and International Tax Regime in respect of VDA.
Ms. Babeeta Sharma, Sr. Secretary, Direct Tax Committee, PHDCCI moderated the session and gave vote of thanks. Ms. Minakshi Srivastava Deputy Secretary, Direct Tax Committee, coordinated the event.
The interactive and informative session concluded with an extensive discussion whole day with good housefull paid participation physical and virtually.
*END*
Warm Regards,
Media Division
PHD Chamber of Commerce and Industry