The Chandigarh branch of The Institute of Chartered Accountants (ICAI) organised a seminar on Revised Tax Audit Report and Wealth Tax Act, 1957, on Sunday. The seminar was attended by many CAs.
CA Sanjay Aggarwal, central council member and member of direct tax committee of ICAI, was the guest speaker.
While welcoming the members, CA Uma Kant Mehta, ICAI, Chandigarh Branch, highlighted the need of the revised tax audit format. He said the finance minister had reposed faith in the CAs and in this new format, the desired information for assessment of income tax return was already been built up.
During the occasion, the speakers gave a detailed presentation on the subject. They informed the various aspects of tax audit. “The tax deduction at source has taken a driver's seat and no one can even think of contravening the provisions as harsh penalty has been introduced. Wealth Tax Act is also regaining its ground and more thrust has been put on by the government on collection of wealth tax and to increase the number of assessee under this.”