Excelsior Correspondent
JAMMU, July 13: J&K Branch of Northern India Regional Council (NIRC) of the Institute of Chartered Accountants of India (ICAI) hosted a Sub Regional Conference today, in which large number of CAs and students participated.
On the occasion, CA Sanjay Aggarwal and CA Sanjiv Chaudhary Central Council members ICAI and Arun Saxena were the guest speakers.
In the first Technical Session, CA Sanjiv Chaudhary, Central Council Member ICAI deliberated in detail about the penalty proceedings under Section 271 (1) (C) of the Income Tax Act.
In the second Technical Session, Arun Saxena 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 said that responsibility of auditors has increased manifold.
He further emphasized that it shall be the responsibility of the Companies to comply with the prescribed accounting standards & the auditors shall have to strictly report the non compliances thereof. He further apprised the members on the treatment of depreciation under Companies Act 2013.
Later on in the third and fourth sessions, the CA Sanjay Aggarwal, Central Council Member ICAI gave an overview to the members on Income Computation Disclosure Standards (ICDS), Compounding of offences under the Income Tax Act and filing of form 15CA and 15CB.
CA Vishal Garg, past Chairman NIRC presented an overview on Goods and Services Tax (GST) Act respectively.
CA Raj Chawla, Chairman NIRC of ICAI, CA Vijay Gupta Central Council member ICAI along with Other Office bearers and Executive Members of (NIRC) of (ICAI) were also present and addressed the members.
CA Anil Sharma, Chairman J&K Branch delivered the inaugural address discussed the role of auditors under New Companies Act 2013 and various tax issues including ICDS, compounding of offences, etc.
CA Shalay Razdan, Secretary J&K Branch of ICAI conducted the proceedings during the Technical Sessions.
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