A seminar focusing on direct and indirect taxes was organized on Friday at Samruddhi Bhavan in Nanpura, Surat, under the joint initiative of the Southern Gujarat Chamber of Commerce and Industry (SGCCI) and the Southern Gujarat Income Tax Bar Association (SGITBA). The event brought together tax professionals, legal experts, and members of trade associations to deliberate on various technical and legal aspects of taxation.
As per agency report, the seminar included in-depth discussions on topics such as capital gains, valuation, and reassessment procedures. Chartered Accountants Sapnesh Seth and Delzin Madan served as expert speakers and shared their insights on recent developments in the tax domain.
CA Sapnesh Seth explained the definition of capital assets under Section 2(14) of the Income Tax Act. He clarified that the term includes all types of properties held by a taxpayer for any purpose, whether professional or personal. However, exceptions include stock-in-trade, personal-use assets, agricultural land in India, and certain government bonds. He also highlighted recent changes effective from July 23, 2024, under which a flat tax rate of 12.5 percent without indexation has been introduced on the sale of immovable properties. The new framework aims to offer greater clarity and relief to taxpayers.
CA Delzin Madan elaborated on the legal provisions related to income tax reassessment, particularly under Sections 148, 153, 139, and 158 of the Income Tax Act. He explained that if a tax officer suspects undisclosed income, they may issue a reassessment notice under Section 148. He also shed light on Section 158, which was in force between 1995 and 2004 and dealt with block assessment procedures in search and seizure cases. This provision has now been replaced by Sections 153A and 153C, which apply to new search cases under the current law.
The event began with a welcome address by former SGITBA president Anil Shah. Tinish Modi, co-chairman of the SGCCI Income Tax Committee, introduced the expert speakers, while co-chairman Dipesh Shakwala conducted the session. The program concluded with a vote of thanks delivered by advocate Babubhai Domadia.
The seminar witnessed significant participation from tax consultants, chartered accountants, tax lawyers, and business organization members. Attendees engaged in discussions, gained clarity on technical issues, and had their queries addressed.
Such events not only serve as knowledge-enhancing platforms for tax professionals but also provide essential guidance to the business community in the areas of tax planning and compliance.
