The Institute of Chartered Accountants of India, Udaipur Branch organized a seminar on Sunday, 18^th March at ICAI Bhavan, Sector 14. The seminar was focused on Budget 2012.

CA Gaurav Vyas, Director of the branch welcomed all the participants and commenced the conference.

Direct and Indirect tax amendments proposed in the budget were discussed in the seminar, where CA Sanjay Javar from Jaipur expressed his views on Direct tax and CA Gajendra Maheshwari from Delhi shared his in depth understanding on Indirect tax.

Sanjay Javar, in his deliberations on Direct taxes, said that there are some provisions in the budget that will give the tax payer a long-distance effect; he told that the provision of TDS proposed in the budget apply strict rules on penalties by increasing it to Rs200 per day and penalty of Rs 10,000 is increased to Rs.100,000.

There are Tax deduction provisions on property dealings as well, which can create behavioral problems. Sanjay informed that there would be a 30 percent flat tax on unexplained income and investment; in the case of a company, the company Director who receives salary will now face 10 percent deduction on remuneration.

Now, one has to pay heavy penalties in case of survey and search, which is a minimum 10% and if not surrendered then the penalty could go up to 30-90 percent.

In the second session of the program, Gajendra Maheshwari, speaking on Indirect taxes, said that there are diverse changes made in the provisions of service tax which will affect the common man.

The limit of service tax will increase after the negative list on Service Tax is released. If a person pays all liabilities on service tax in 6 months, then he would be liberated from the penalty

“There were many queries from members, which were solved by experts. In all, there were 225 members present in the seminar,” said Deepak Aren, Secretary of the branch.