Merchants' Chamber hosts seminar on taxation

KANPUR: A day-long seminar on taxation was organised by Merchants' Chamber of Uttar Pradesh and Kanpur Income Tax Bar Association (KITBA) on Saturday.
Justice Kishan Murari of Allahabad High Court was the chief guest and Padamshri Irshad Mirza was the guest of honour. Four speakers made presentation on various provisions of Income tax and service tax laws.
President of Kanpur Income Tax Bar Association Govind Gupta welcomed the guests.
Merchants' Chamber secretary general Anita Jha said that filing returns had become a nightmare for many.
VK Khanna of KITBA, who presided over the event, said that the tax practitioners are like bridges between the department and the tax payers. Justice Murari said that practicing tax laws is entirely different than practicing civil and criminal laws and requires more humane approach according to the existing laws.
Sharad Srivastava from Lucknow while speaking on 'Voluntary compliance encouragement scheme 2013 said that those who have not deposited the service tax from October 1, 2007 can do so now without paying interest or penalties. Kapil Goel from Delhi said that while purchasing a property above Rs 50 lakhs, the individual has to pay 1% TDS on the whole amount.
Rajiv Mehrotra from Kanpur said that many provisions of penalty and punishments have been made to deter the tax payers from declaring the income wrongly.