'Tax evasion is an offence, avoid it'

KANPUR: "Tax evasion is illegal while tax planning and tax avoidance are acceptable," said Justice Pradeep Kant of Allahabad HC here in a seminar conducted by the Income Tax Bar Association on Saturday.
Addressing the income tax practitioners, Justice Pradeep Kant as chief guest said that tax planning was part of the current tax system and practitioners must involve in it.A proper tax planning would help the client, who would not only save his hard-earned money but also pay proper tax to the government.
Tax evasion was an offence and one should avoid it. A proper tax planning would not only reduce his tax burden but also lead him be called a regular tax payer, he added.
During the first technical session Rakesh Gupta, eminent speaker from Delhi deliberated on issues of assessment and re-assessment. Describing re assessment he said that the officer who reassessed the return must record the reasons for reassessment. Without recording the reason the re-assessment could be challenged. Narendra Sharma, a faculty from Kanpur spoke on issues related to INPUT tax credit.
A renowned faculty from Delhi K Sampath during the second technical session enlightened the tax planning through Hindu United Family (HUF) and private beneficiary while Sudhindra Jain took up the issue of TDS and with holding tax. Pradeep Seth chairman of second session not only summarised both the speakers but also shared views with chartered accountants and advocates The day-long seminar concluded with an entertaining cultural evening with laughter king Rajjan Srivastava.
Earlier Rajiv Mehrotra, president of Kanpur Income Tax Bar Association welcomed the guests and introduced them.