Mysuru: Income Tax assessments is usually an annual affair for all entities and unless handled with requisite skill can result in avoidable tax demands. Sometimes the issues involved are controversial and one has to resort to appellate forums against tax demands.
In relatively smaller cities like Mysuru, companies depend largely on external professionals for handling assessments. Example, practicing Chartered Accountants or Advocates. In such a scenario, it becomes extremely important that the finance and accounts persons within the company are well equipped with some basic principles governing assessments and appeals so that they can ensure that they are getting good services from external professionals.
Keeping this in mind, the CII Mysuru had organised a Seminar on Finance Act 2018 Provisions, Handling Assessments & Appeals More Effectively and Harmony between Accounting & Tax – Focusing on Income Computation and Disclosure Standards (ICDS) in city on May 11.
The event focused on imparting relevant knowledge to finance and accounts managers within the companies to equip them with relevant knowledge in this direction. CII members who attended the event acknowledged that even though they are outsourcing the assessment and appeal to external professionals, the knowledge gained during the session will help them in not only monitoring the process but also to contribute positively in handling these proceedings in highly effective manner.
The event also covered deliberation on Finance Act, 2018 as there were some important changes made to the proposed Finance Bill, 2018 as it was important for members to be aware of difference in what was proposed in the Bill and what has finally been enacted.