Respected Professional Colleagues
Wish you a Very Happy “Akshay Tritiya” and “Buddha Purnima”
As you are aware, Govt. is preparing the stage to roll down the GST Act and we, the professionals are preparing ourselves to accept the same. It is a challenge as well as opportunity both to us. In entire country, there is a wave, rather wind of GST flowing for educating the stakeholders. Everybody is contributing in this “Gyan Yagya”. We the members of the Federation are committed to the Government. Various conferences and seminars are being held by our members in the country to educate the people, be the professionals or the traders or the manufacturers or the industrialists. Our legal luminaries and the experts on the subject are knowledge partners in building the nation.
Friends, Govt. is also bringing out radical changes, may be regulatory or the fresh one. The whole economy is in the transitional phase. Apart from GST, Govt. is also set to bring judicial reforms. Various Tribunals are proposed to be merged. Section 252A is introduced in the Income-tax Act with effect from date yet to be notified, whereby it is proposed to govern the qualification, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of services of President, Vice-Presidents and other members of the Tribunal, appointed after commencement of Part-XIV of Chapter-VI of the Finance Act, 2017, by the provisions of Section 184 of the said Finance Act.
As per the proposed amendment, the term of the member shall be 5 years subject to be reappointed for another term of 5 years. If the said provision is made applicable then it will affect the independency and prestige of the Institution. Young talent from profession of law and accountancy will avoid joining the Tribunal. AIFTP has made a detailed representation before the Hon’ble Law Minister and the Hon’ble Finance Minister. Our special thanks to Dr. K. Shivaram and Shri N. M. Ranka Ji who have shown their deep concern for preparing the representation.
Government is also taking steps for speedy trial and in reducing pendency of appeals. The qualification of members of ITAT for deciding Single Member Bench cases is proposed to be reduced from 5 years to 3 years so that Single Member Benches may be enhanced. It will help in quick disposal of single member cases. Further high demand appeals exceeding
₹ 100 crore will be taken-up on priority basis. Even cases, where stay has been granted by ITAT, further stay will not be granted more than once and appeal will be taken-up on priority basis. Further, existing Income Tax (Appellate Tribunal) Rules 1963 are going to be replaced by Income Tax (Appellate Tribunal) Rules, 2017 in view of change circumstances and use of technology in the Tribunal’s functioning. The Core Committee has invited the comments and suggestions from all the stakeholders vide public notice-dated 11-5-2017.
Friends, I may apprise you that our preparation for Sri Lanka Tour-cum-Conference is almost ready. We are trying to invite Hon’ble Finance Minister, Sri Lanka and also the Indian High Commissioner to Sri Lanka. Further the delegates are requested to send the 2nd installment of cost and also the passport size photograph as well as photocopy of their passport.
Friends, I may also apprise you regarding the next Conference-cum-NEC at Kolkata on 2nd and 3rd September, 2017. However before that we are planning for one RR-cum-NEC, the exact date, venue and programme will be communicated in Journal as well as in Times. All are cordially invited to make the event successful.
At the end, I express my best wishes to you and your family.
With Best Regards
Prem Lata Bansal
|1.||27th May, 2017||One Day seminar on GST & Income Tax||Kolhapur|
|2.||3rd, 10th, 17th & 24th June, 2017||Intensive Study Course on Goods & Services Tax||Thane|
|3.||17th June, 2017||ICDS||Mumbai|
|4.||30th June – 2nd July, 2017||Residential Refresher Course & National Executive Committee Meeting||Goa|
|5.||2nd & 3rd September, 2017||Two Day National Tax Conference & National Executive Committee Meeting||Kolkata|