The New Income Tax Act is again a possibility in view of the recommendation submitted by the task force very recently to the Union Finance Minister wherein the task force has suggested a draft of New Income Tax Law which is said to be simplified and has been drafted with a view that there should be no ambiguity in it. It is said that it would have goods relief for the individual tax payer and also recommends reduction in corporate tax rate. Major changes in the concept of assessment and litigation management has been considered. The arbitration and mediation is said to be incorporated. There is said to be many other recommendations. The draft will be released shortly. It may be said that if the New Income Tax Act provides friendly features than it can be a new era in the taxation process in India.
It is really a great pride for all of us that the Zone Election for the year 2020 & 2021 has been completed of all Zones and it has been unanimous elections. All zone Chairmen have been elected for the year 2020 and it will give them at least five clear months to start and plan their working for the next term starting from 1st Jan., 2020.
Professionals are now busy in the filing of Annual Return and Audit of GST. The last date is 31st August, 2019. However, lots of problems are being faced and AIFTP has given representation on it to the CBIC and the Union Finance Minister. Representation has also been sent to GST Counsel for extension of date. Similar is the case for the non-audit Income Tax returns. The last date is 31st August, 2019 and it is suggested that we should get the work completed within time.
The next programme of AIFTP is the International Study Tour which is going to Eastern Europe with about 135 delegates. Thereafter, we have NTC and NEC at Varanasi. Requesting all the Members to attend the Varanasi meet in large number. The 22nd National Convention is at Mumbai on 14th and 15th December, 2019. Details have already been circulated. Please send your registration.
I wish you all a very happy Janamashthmi and Ganesh Chaturthi.
Dr. Ashok Saraf