12:57 PM Saturday
The event ends with Vote of Thanks
12:55 PM Saturday
We see possibility of implementing system wherein officers can be punished if demand raised is outrightly wrong: Revenue Secretary
12:53 PM Saturday
We can have cell in every office of Principal CIT to get complaints from taxpayers for erroneous demands: Mr. Hasmukh Adhia
12:51 PM Saturday
We will have facility of tracking each and every assessment order in near future: Revenue Secretary assures
12:49 PM Saturday
We can have performance appraisal for tax offices for developing more accountability among them: Revenue Secretary
12:49 PM Saturday
Revenue targets are necessary and it shall be there: Revenue Secretary
12:48 PM Saturday
For reducing litigation we have to see if high level committee can be constituted to consider important issues
12:44 PM Saturday
We are open to the idea of extending more benches in advance ruling and settlement commission: Revenue Secretary
12:36 PM Saturday
Considering the cost inflation index, the deduction of housing loan interest should have been 4,16,000: Points for Tax Reforms
12:30 PM Saturday
Exemptions and deductions should be revised every year in accordance with Cost Inflation Index: Mr. Mukesh Patel
12:29 PM Saturday
Why TDS at 10% is continued even when the income-tax rates have been revised over the years: Mr. Patel
12:27 PM Saturday
Threshold limit of TDS should be in pace with avg. tax rate. In FY 2004-05 avg. tax rate was 24.8% on Rs. 5 lakhs which has been reduced to 4.6% in FY 2015-16
12:25 PM Saturday
We are looking into the issue of raising erroneous demand of Surcharge and Cess where taxpayer is governed by DTAA: CBDT, Member
12:22 PM Saturday
Provisional refund should be issued in case of scrutiny assessment so as to avoid blocking of refund for two years: Mr. Mukesh Patel
12:21 PM Saturday
Merely because a case is selected for scrutiny assessment, refund should be blocked as no provision stops the AO from releasing it: Another point for reform
12:19 PM Saturday
Taxpayers has to ensure that they get TDS certificate downloaded from TRACES portal: Ms. Nair
12:18 PM Saturday
If deductor does not file statement, credit for TDS cannot be given as no record is available with the Dept.: CBDT, Member
12:17 PM Saturday
We will look into the issue why there is no coordination between CPC and AO: Ms. Rani Singh Nair
12:16 PM Saturday
There is no coordination between CPC and jurisdictional AO: Mr. Mukesh Patel
12:12 PM Saturday
CPC can’t pass speaking order as it isn’t an income-tax officer. We have to see how we can give facility to taxpayers to view orders on e-filing website: CBDT, Member
12:12 PM Saturday
Old orders shall be allowed to be downloaded soon: Ms. Rani Singh Nair, CBDT
12:05 PM Saturday
Tax officers do not forcefully accept statements from taxpayers during survey: CBDT chairperson
12:01 PM Saturday
CBDT has instructed to its official for not talking to press on search and seizure operations: Ms. Anita Kapur
11:59 AM Saturday
Search and Survey are not revenue mobilizing mechanism but to ensure tax compliances: CBDT Chairperson
11:58 AM Saturday
Jewellery found during search within prescribed time limit (100 gms, 200 gms or 500 gms) should not be treated as undisclosed investment: Another issue for tax reform
11:55 AM Saturday
Single window for redressal shall be opened in Ahmedabad, Baroda and Surat: CBDT, Member
11:54 AM Saturday
CBDT is trying to resolve the grievances immediately. Single window for grievance redressal is under consideration: CBDT Member
11:46 AM Saturday
Recovery of demand or adjustment of refund should be avoided in cases where demand pertains to issues settled in favour of taxpayer in his own case
11:45 AM Saturday
Adjustments of refunds should not be done without issuing a show cause notice to the taxpayer and without dealing with his response: Another point for tax reform
11:41 AM Saturday
India has 2% share in global trade but 50% share in global litigation in transfer pricing matters: Mr. Mukesh M. Patel
11:39 AM Saturday
Circular can be issued on Section 154 for rectification – CBDT Chairperson
11:38 AM Saturday
The time limit of 1 years for disposal of appeal should be implement in its true spirit
11:37 AM Saturday
Excess interest should be paid in case of delay in payment of refunds: Tax professionals raises the issue
11:36 AM Saturday
In case of tax refunds, the time limit of 4 years for rectifications should be waived off
11:35 AM Saturday
If rectification application is not disposed off in 6 months, it should be deemed to be accepted: Next issue for discussion
11:34 AM Saturday
Sec. 206AA issues has been taken for discussion in High Level Committee: Ms. Rani Singh Nair, Member CBDT
11:32 AM Saturday
Sec. 206AA issues cannot be clarified through a circular, it needs a legislative amendment – CBDT, Chairperson
11:30 AM Saturday
For FIIs, amendment was made for not treating the investment as business asset: Ms. Anita Kapur
11:28 AM Saturday
CBDT is in process of clarifying its stand on 16 issues: CBDT Chairperson
11:26 AM Saturday
US and UK Tax Departments also issue such tax ruling to clear their stand on certain issues: Mr. Mukesh M. Patel
11:26 AM Saturday
An amendment is needed to Sec. 255(3) in relation to disposal of appeal by ITAT Single Member Bench
11:23 AM Saturday
CBDT should issue rulings to deal with Sec. 14A disallowances, Treatment of capital gains of investors, Applicability of Sec. 206AA in case of applicability of DTAA, mark to market losses
11:22 AM Saturday
CBDT should issue rulings on vital issues to dispose and curb litigations: CA Mukesh Shah
11:20 AM Saturday
Facilitate online viewing of finality of ITAT and High Court orders: Issues to be dealt in Round Table discussion
11:18 AM Saturday
Audit and Vigilance are two biggest enemies of Tax payers and Department – Mr. Mukesh M. Patel
11:18 AM Saturday
In more than 70% of the cases, where additions are made penalties are automatically levied. It goes against the decision of Supreme Court in CIT v. Reliance Petro Products 189 Taxman 322 (SC)
11:16 AM Saturday
If there are audit objections, Collegium of two Commissioners should decide whether remedial measures are really required
11:15 AM Saturday
Even views of a Commissioner get to be cursorily brushed aside by an Audit Officer of a much lower rank.
11:14 AM Saturday
The Round Table shall deal with next issue on how litigations arising from audit objections can be avoided
11:10 AM Saturday
Unwanted litigations and high pitched assessments can be checked with NJRS project: Ms. Anita Kapur
11:09 AM Saturday
The Assessing Officers have been directed that high pitched assessment should not be made: CBDT Chairperson
11:08 AM Saturday
CBDT can give clarifications on the issue raised. Instruction No. 7/2014 can be applied to all pending issues: Ms. Anita Kapur assures at the event
11:04 AM Saturday
The Assessing Officers should be accountable for high pitched assessment. Even Dr. Shome noted about this in the TARC Recommendations – Mr. Mukesh Patel
11:03 AM Saturday
Legislative amendment needed so that additions without show cause notices are not maintainable: Mr. Mukesh M. Patel
11:03 AM Saturday
Irrelevant issues should be avoided in scrutiny assessments and CBDT Instruction No. 7/2014 should be applied to all classes selected for scrutiny: Mr. Mukesh M. Patel
11:00 AM Saturday
Discussion begins on the first issue: Assessment Issues
10:59 AM Saturday
India has world class tax rate, but we need the world class tax administration too: Mr. Mukesh M. Patel
10:58 AM Saturday
All the issues to be discussed in the event are not going to bring any loss of revenue. The resolution will ensure better tax compliances: Mr. Mukesh M. Patel
10:50 AM Saturday
CPC has developed the capacity to deal with all grievances, however, we are still improving: Mr. Hasmukh Adhia, Revenue Secretary
10:48 AM Saturday
Break Through initiative is yet to come, we have to do out of box thinking for big bang changes: Revenue Secretary
10:47 AM Saturday
Tax is one of the biggest instrument to propel the growth of the Country: Revenue Secretary
10:44 AM Saturday
A consultation meeting between Trade and Department was a fantastic idea: Mr. Hasmukh Adhia
10:43 AM Saturday
Revenue Secretary Mr. Hasmukh Adhia begins his opening remarks
10:42 AM Saturday
Ease of doing business should be supported by ease of paying taxes: CA Durgesh Buch
10:39 AM Saturday
Expanding tax net is must for the Country, however, litigations should be reduced: CA Durgesh Buch
10:37 AM Saturday
CA Durgesh Buch, President, AGFTC begins his welcome speech
10:35 AM Saturday
CA Durgesh Buch, President, AGFTC greets Ms. Anita Kapur, CBDT, Chairperson
10:35 AM Saturday
President, GCCI greets Mr. Hasmukh Adhia, Revenue Secretary, Government of India
10:30 AM Saturday
Mr. Rohit Patel, President GCCI has begun his welcome address
10:29 AM Saturday
Gujarat Chamber of Commerce & Industry and All Gujarat Federation of Tax Consultants have taken the initiative to organize this event
10:27 AM Saturday
The event shall begin in a couple of minutes
10:17 AM Saturday
Ms. Anita Kapur, Chairperson, CBDT has arrived at the venue
10:14 AM Saturday
Revenue Secretary Mr. Hasmukh Adhia has arrived at the Venue.
9:49 AM Saturday
Welcome all! The Round Table Discussion on Tax Reforms shall begin at 10:30 AM
9:49 AM Saturday
This event is the first of its kind for discussing the tax issues between the taxpayers, professionals and the CBDT
9:49 AM Saturday
Revenue Secretary and CBDT chairperson will share their thoughts on the issues raised for discussion at the Round Table
9:48 AM Saturday
The issues being raised in The Round Table are faced by taxpayers very often
9:48 AM Saturday
We are hopeful that discussion may result in some assurance from the CBDT to end taxpayers sufferings
9:39 AM Saturday
More than 30 issues shall be discussed today in The Round Table discussion

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