Excelsior Correspondent
JAMMU, Oct 8: J&K Branch of Northern India Regional Council (NIRC) of the Institute of Chartered Accountants of India (ICAI) hosted a Sub Regional Conference today.
On the occasion, Amarjit Chopra, Former President ICAI and Dr Girish Ahuja, eminent tax expert were the guest speakers.
Amarjit Chopra dwelt upon the issues in new Companies Act 2013. He deliberated in detail about the various important provisions of the Act and the rules framed there under. He discussed the new concepts that have been introduced like Corporate Social Responsibility (CSR), compulsory applicability of internal audit by certain type of Companies, Acceptance of Deposit Rules and proposed modifications therein.
Dr Girish Ahuja deliberated in detail about the amendments made in Income Tax Act by Finance Act (2), 2014 and provisions of Wealth Tax Act. He said that many debatable issues have been put to rest by this Finance Act (2) 2014 viz. exemption on capital gains can now be claimed by investing the same in one house and not in multiple units, taxability of advance for transfer of capital asset etc. Further, while discussing the provisions of Wealth Tax Act, he explained that the assessees are liable to pay wealth tax on jewellery, urban land, non commercial properties, cash in hand etc. if the aggregate thereof exceeds Rs 30 lakh per annum.
RS Bansal, Chairman NIRC of ICAI, along with other office bearers and executive members of (NIRC) of (ICAI) were also present and addressed the members.
Earlier, Vikram Garg, Chairman J&K Branch, delivered the inaugural address and appealed to the State Government to extend the relief measures granted by the State Finance Department by virtue of recently issued SROs to all the business community who have been affected either directly or indirectly by the aftermath of Floods in J&K.
Shalay Razdan, Secretary J&K Branch of ICAI, conducted the proceedings and Sandeep Pachnanda, Vice-Chairman presented the vote of thanks.
Anil Sharma, Treasurer, Dalip Kaul, Past Chairman and Deepak Kapahi member of the executive committee alongwith a large number of Chartered Accountants and students participated in the Conference.
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