The year 2019 is moving fast and already we are in the month of March. The month is special as it is the closing month of the Financial Year and all the compliances, tax working, etc. has to be completed before 31st March. The tax professionals nowadays are busy throughout the year complying with the non- ending compliances of the Company’s Act, GST, Income Tax including TDS Returns, PF & ESI but particularly in the month of March we have to be extra cautious to oversee that all compliances in the current financial year have been complied with or not.
The Lok Sabha elections have been announced and schedule has been fixed in April and May, 2019 with the results to be announced on 23rd May, 2019. The results will be awaited by all as it will impact the economic scenario for India in the coming 5 years. It is expected that clear mandate with majority Government will result in economic growth and tax simplification. AIFTP asks all its members to definitely cast their vote and be a part of the electoral process and also motivate others to cast the vote. It is our duty for a vibrant democracy that we ourselves also motivate others to be a part of the democratic movement.
The new law promulgated by an ordinance i.e., Banning of Unregulated Deposit Schemes Ordinance, 2019 is creating ripples. Different opinions on the applicability of it is being given by the tax professionals. It is expected from the Government to issue FAQs on it to clarify the doubts of the tax professionals as well as trade and industry. We are also sending a representation to the Government on it.
The Holi festival is being celebrated throughout the country and AIFTP wishes all a very Happy and colourful Holi. Holi depicts the triumph of good over evil. We expect that the spirit of Holi travels down to all and the good wins and the country moves forward for a new height in the next Financial Year. Again a very warm Holi wish to all.
Dr. Ashok Saraf
National President, AIFTP