Mega awareness seminar on the Direct Taxes Code (DTC)
October, 26th 2010
Speakers at a mega awareness seminar on the Direct Taxes Code (DTC) on Monday urged taxpayers and professionals to send their feedback to the Finance Ministry for making it more meaningful and devoid of contradictions and complications.
The first seminar was inaugurated by Union Minister of State for Finance S.S. Palanimanickam. The next two seminars will be held in New Delhi and Bangalore.
Delivering the inaugural address at the one-day seminar organised by Periyar Maniammai University and the All India Tax Payers' Association, he said that the Centre decided to come out with a new taxes code in tune with the changing times as the existing one had been amended 84 times since Independence.
There is still time to send in your opinions. We are open to suggestions and will definitely incorporate it. The new DTC will come into force from April 1, 2012 and will remove the pre-Budget anxiety for assessees, he said.
According to him, nearly 79 per cent of respondents of the online survey termed DTC excellent, very good and satisfactory. Others said it was simple and progressive.
He asked Income-Tax officials attached to Chennai, Coimbatore, Madurai and Tiruchi circles to conduct a seminar on the Union Budget to discuss its implications.
K. Veeramani, Chancellor, Periyar Maniammai University, in his presidential address, urged the Centre to repatriate the money stacked by Indians abroad, take steps to bring black money into the mainstream and make use of gold in temples and religious institutions for helping the poor or funding infrastructure projects.
Prema Malini Vasan, Chief Commissioner of Income Tax, asked tax payers and professionals to give their suggestions to fine-tune the Direct Taxes Code.
Talking on the subject Survey, search and seizure under the Income Tax,' P.K. Sarangi, Director General of Income Tax (Investigations), Chennai, said steps had been taken to ensure that the officers did not misuse powers during search and seizures. He asked both taxpayers and non taxpayers to maintain records to save them from trouble.
P. Selvaganesh, Additional Commissioner of Income Tax, (Headquarters) Chennai, said that the searches or seizures were not done to collect revenue alone but catch the highest tax evaders, whether they lived in cities or hamlets.
Mr. Selvaganesh said: Our officer will not enter the premises without a police officer. Searches at the best will last eight to nine hours and our officers are concerned only about facts. They will also allow you to make genuine calls.